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 target of 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 | |||||
|---|---|---|---|---|---|
| Broadway East | Brooklyn | 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 | Penn North | Upton | West North Ave | Westport |
'Reinvest Baltimore' Homebuyer Incentive Programs
Reinvest Baltimore
Rate Savings
Target interest rate of 3.5% on a 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.Â
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: Get Started
- Complete HNI’s Loan Eligibility Quiz
- Speak with HNI to review program details
After receiving your inquiry, HNI will contact you to review your homeownership goals, discuss program eligibility, and outline next steps.
Step 2: Housing Counseling
- Complete your homebuyer workshop
- Complete one-on-one counseling
Planning to use grants or buyer incentives? Housing Counseling, including both a homebuyer workshop and one-on-one counseling, must be completed before making an offer on a home. No exceptions.
Step 3: Get Pre-Qualified
- Notify HNI after completing counseling
- Complete a mortgage pre-qualification with HNI's loan officer
After completing Housing Counseling, HNI will connect you with the program's loan officer to begin your pre-qualification application. HNI will review your financial profile to determine your financing eligibility on homes.
Step 4: Make an Offer
- Select eligible ‘Reinvest Baltimore’ home
- Work with your real estate agent to prepare and submit an offer
The ‘Reinvest Baltimore’ program offers a unique opportunity to purchase a newly constructed home with the help of significant buyer incentives. Because these benefits require additional processing, HNI recommends a 60-day settlement period in your offer.
Step 5: Close Your Loan
- Submit your ratified sales contract to HNI
- Complete the formal loan application and work through underwriting
Once your contract is received, HNI will work to move your loan from pre-qualification to final approval. Additional follow-up requests are a normal part of the underwriting process. Responding promptly helps keep your loan on track, avoid delays, and get you to the closing table sooner.
*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.
