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Md. Mortgage Program rate at record low
The Maryland Department of Housing and Community Development said the interest rate for the state's flagship mortgage financing program, the Maryland Mortgage Program, has dropped to 3.5 percent, the lowest level in its history. The program is primarily targeted to first-time homebuyers and purchasers of foreclosed and short- sale homes. The drop follows the national trend of falling mortgage rates, with the average rate of a 30-year fixed-rate mortgage pegged at 4.15 percent less than a week ago. However, even the low rates were not expected to appreciably increase consumers' home buying, due to the fragile state of the economy and difficulties in getting bank loans.
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The Maryland Department of Housing and Community Development said several of its programs have been recognized by two national housing organizations, ...
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Richard L. Swick for appellant.
Eileen Antoinette Carpenter, Special Solicitor (Neal M. Janey, City Solicitor; John S. Wood, Chief Solicitor, on brie...
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Emergency housing website available
The Maryland Department of Housing and Community Development is encouraging property owners around the state to list their available rental units on www.mdhousingsearch.org, a bilingual housing locator website and call center to match property owners and prospective renters. The website allows renters to quickly locate appropriate properties for their needs, reducing casual inquiries and saving property owners time and money. In the event of a disaster, the site will be widely promoted, and state and local agencies will use the service to find housing for displaced families.
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Md. Mortgage Program rate at record low
The Maryland Department of Housing and Community Development said the interest rate for the state's flagship mortgage financing program, the Maryland Mortgage Program, has dropped to 3.5 percent, the lowest level in its history. The program is primarily targeted to first-time homebuyers and purchasers of foreclosed and short- sale homes. The drop follows the national trend of falling mortgage rates, with the average rate of a 30-year fixed-rate mortgage pegged at 4.15 percent less than a week ago. However, even the low rates were not expected to appreciably increase consumers' home buying, due to the fragile state of the economy and difficulties in getting bank loans.
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The numbers are startling. 43,248 foreclosure filings in Maryland alone in 2009, according to the state Department of Housing and Community Development, a 33.7 increase from 2008. Seven million households behind on their mortgage payments nationwide. Millions of homeowners underwater, owing more on their mortgages than their homes are worth.
It has been called the "50-state Katrina" that threatens to swamp the American dream of homeownership.
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Affordable housing awards
The Maryland Department of Housing and Community Development announced the results of its Spring 2010 competitive round for federal Low-Income Housing Tax Credits and Rental Housing Funds for multifamily rental projects throughout Maryland. Four projects, together costing more than $45 million, received more than $18 million for the construction of 184 new rental units, including 38 units specifically targeting disabled residents. Three of the projects, in Baltimore, Aberdeen and Annapolis, are in areas expected to be impacted by the military's Base Realignment and Closure program. Awards went to Housing Trust of America, 74 units in Baltimore; Shelter Development/Boys & Girls Club of Harford County, 22 units; Pennrose/Housing Authority of City of Annapolis, 63...
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The Maryland Department of Housing and Community Development offers homeowners several tips to save their home from foreclosure:
Contact your lender: Banks do not want to take your home. Contact your lender as soon as you start to have problems making your monthly mortgage payment. Lenders offer borrowers several programs to help modify loans.
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Two planned housing projects near Aberdeen Proving Ground will bring affordable and workforce housing units to an area that is expected to receive about 19,000 new jobs over the next two years as part of the federal Base Realignment and Closure process, known as BRAC.
Maryland's Department of Housing and Community Development announced late Tuesday that Conifer Realty LLC, based in Rochester, N.Y., and Stavrou Communities of Annapolis would build two projects representing a combined investment of more than $17 million, much of it federal stimulus money.
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Maryland policymakers believe as long as investors are making money in the state, they should also look to generate a little social good.
The Maryland Department of Housing and Community Development yesterday hosted a forum designed to entice public pension funds to invest in the state's distressed areas. Urban revitalization offers an opportunity to make money while also improving the community, said Secretary Victor L. Hoskins.