Baltimore County Using $2.75M to Create Affordable Housing

Baltimore County wants to use a $2.75 million grant from the state’s National Mortgage Loan Servicing Practices Settlement to turn vacant, foreclosed homes into affordable housing.

The money comes from the Maryland Department of Housing and Community Development and will allow 65 families to receive $20,000 loans for a down payment or closing costs on a home in a zip code with a high foreclosure rate, according to a new release from the county.

"Neighborhoods across the county are still recovering from the housing crisis caused by the great recession.  With these funds, foreclosed houses will once again become homes, returning veterans will have additional affordable housing choices, and homeless men will find a supportive residence where they can start to pull their lives together," County Executive Kevin Kamenetz said in a news release.

Four area nonprofits, Harbel, Southeast Community Development Corporation and Diversified Housing and Neighborhood Housing Services of Baltimore will administer the program.