ANNAPOLIS, MD – Governor Larry Hogan today announced Maryland Grand Slam, a $2 million program to build stronger communities in Baltimore through homeownership. These funds will be maximized with an additional $1 million from the City of Baltimore following today’s approval by the city’s spending board. Both state and city funds will provide grants to home buyers purchasing through the Maryland Mortgage Program, the state’s premier home loan product.
The new Maryland Grand Slam will help make homeownership more accessible by offering prospective buyers four ways to reduce the cost of buying a home, including $7,500 in down payment assistance grants. The initiative builds upon the governor’s comprehensive and ongoing efforts to help the city rebound from the civil unrest in April.
“Maryland Grand Slam will help change Maryland for the better by giving hardworking families that extra boost they need to get into the home of their dreams,” Governor Hogan said. “This initiative will revitalize neighborhoods in our state’s largest city while helping families build a lasting financial legacy for their children and their children’s children. A strong housing market is key to a strong economy. This program will help more families become homeowners and will improve our economy.”
The four benefits of Maryland Grand Slam are:
$5,000 for down payment assistance in the form of an outright grant from the state. The Hogan administration has allocated $2 million from Maryland’s rainy day fund for this initiative, a decision affirmed by the state’s Board of Public Works in June.
$2,500 for additional down payment assistance from the City of Baltimore, also in the form of a grant. Baltimore’s Board of Estimates approved the program on Wednesday.
A federal tax credit through the Maryland HomeCredit program that can save the homeowner tens of thousands of dollars over the life of the loan. In addition, Maryland is waiving its usual fee for a savings of as much as $450.
A 0.25 percent discount on the already low Maryland Mortgage Program interest rate.
“The Hogan administration is putting the power of homeownership to work to revitalize Maryland’s economy,” Maryland Department of Housing and Community Development Secretary Kenneth C. Holt said. “Working together, we can and will accomplish great things for Baltimore and for Maryland.”