Overview
‘Reinvest Baltimore’ is a coordinated effort between the State of Maryland, Baltimore City, and non-profit and for-profit partners to eliminate concentrations of vacant properties, revitalize neighborhoods and maximize the economic potential and quality of life for residents in Baltimore City.
Governor Moore’s executive order called for the establishment of the Baltimore Vacants Reinvestment Council (BVRC) which has tapped key community, corporate, philanthropic and government leaders to leverage targeted investments to move at least 5,000 vacant properties into homeownership or other positive outcomes over the next five years.
Specifically, to incentivize homeownership in these targeted reinvestment areas, the State of Maryland launched two programs under the ‘Reinvest Baltimore’ initiative. The ‘Reinvest Baltimore Rate Savings’ loan program, offered by Healthy Neighborhoods, helps eligible homebuyers purchase select renovated homes by reducing mortgage interest rates to as low as 3.5% by purchasing mortgage discount points on behalf of the borrower, significantly reducing the cost of borrowing. Complementing this effort, the ‘Reinvest Baltimore Down Payment Assistance’ program, offered by Neighborhood Housing Services of Baltimore, provides up to $20,000 for down payment and closing costs for qualified buyers. Together, these incentives make homeownership more affordable, attract new residents, and advance the broader goal of returning vacant properties to productive use while strengthening Baltimore neighborhoods.
'Reinvest Baltimore' Eligible Neighborhoods & Properties
The ‘Reinvest Baltimore’ homebuyer incentive programs are available only for select properties in designated neighborhoods. Eligibility is limited to homes located within Baltimore Vacants Reinvestment Initiative (BVRI) target areas and to formerly vacant properties that have been rehabilitated by approved developers.
Because program eligibility requirements can be complex, we have created a webpage to identify all properties currently on the market that are eligible for the ‘Reinvest Baltimore Rate Savings’ and ‘Reinvest Baltimore Down Payment Assistance’ programs (see here).”
To learn more about the neighborhoods where these incentives are available, please refer to the neighborhood overviews linked in the table below. Please note, however, that eligibility is determined at the property level, meaning that only select homes within these neighborhoods qualify for the ‘Reinvest Baltimore’ homebuyer incentive programs.
| Eligible Neighborhoods for 'Reinvest Baltimore' Programs | ||||
|---|---|---|---|---|
| Coldstream Homestead Montebello | Darley Park | East Baltimore Midway | Ellwood Park | Franklin Square |
| Harlem Park | Hollins Market/Mt. Clare | Johnston Square | Marble Hill | Mondawmin |
| Park Heights | Upton | West North Ave | Westport |
'Reinvest Baltimore' Homebuyer Incentive Programs
Reinvest Baltimore
Rate Savings
3.5% purchase-only mortgage for buyers purchasing a qualifying renovated home.
Reinvest Baltimore
Down Payment Assistance
Get up to $20,000 for down payment and closing costs when purchasing a qualifying renovated home.
Buying a 'Reinvest Baltimore' Property: Process Overview
Buying a home is a big commitment. It’s also one of the most exciting purchases you’ll ever make. Below, find a step-by-step process for purchasing a ‘Reinvest Baltimore’ property while taking advantage of all the incentives available to you to make it as affordable as possible.
Step 1: Sign-up for Homeownership Counseling and Earn Your Counseling Certificate
The ‘Reinvest Baltimore Downpayment Assistance’ program and nearly all other homebuying incentive programs require that you earn a Homeownership Counseling Certificate from an approved counseling agency. Certificates are good for one year. We recommend obtaining your certificate early in the process, so you aren’t delayed when you find your dream home! Counseling typically takes less than 10 hours of your time, starting with an eight-hour class and followed by a one- to two-hour one-on-one session. Some counseling agencies also offer self-paced, online classes and expedited one-on-one appointments.
Step 2: Choose a Mortgage Lender and Get Pre-Qualified
Buying a home in Baltimore is easier when you work with a lender who knows the City's incentive programs inside and out. Healthy Neighborhoods specializes in Baltimore City lending and is the only lender offering the exclusive 3.5% mortgage rate through the ‘Reinvest Baltimore Rate Savings’ program. Take advantage of this unique opportunity and start your loan process with Healthy Neighborhoods today!
Step 3: Choose a Real Estate Agent
You will want an agent who can give you a local’s perspective and who knows the particulars of homebuying incentives, property taxes, tax credits, ground rent, and other aspects of homebuying in Baltimore City. Start your search for a real estate agent in Live Baltimore's directory of City Living Experts, who have each completed an accredited course on Baltimore City’s housing market through the Greater Baltimore Board of Realtors.
Step 4: Select and Make an Offer on a Property
Now for the fun part: house hunting! Find a list of all available properties eligible for the ‘Reinvest Baltimore Rate Savings’ and ‘Reinvest Baltimore Downpayment Assistance’ programs here.
Step 5: Complete the Purchase Process
Once you’ve found your dream home, ensure it checks out. Consult your real estate agent and lender to determine which type of inspection you require.
Homeowners insurance must be secured before you close on your home. You typically must pay for one year of homeowners insurance up front, in addition to other fees due at settlement. As with all real estate partners, choose an insurance agent with whom you feel comfortable.
As your final loan is being approved, secure a title company to work with. A title company will review your new home’s ownership records to make sure there are no liens or outstanding legal issues surrounding the home. You have the right to choose a title company with whom you want to do business. Your lender or agent may recommend a title company.
After you sign the appropriate documents, you will be handed the keys to your new home. You are now a homeowner! Pack up your belongings and move in with the help of a trusted mover. Settlement paperwork should always be stored in a safe place. Don’t let it get lost during your move!
*Select parts of Process Overview taken from Live Baltimore's website and repurposed for the ‘Reinvest Baltimore’ programs - for the orignal version of this information please click here.
