Homebuyers offered help at Owings Mills New Town

July 04, 1992|By Larry Carson | Larry Carson,Staff Writer

Middle-income people hoping to buy a new house or condominium in Owings Mills New Town, a 5,500-unit development now under construction, will be eligible for help with their down payment and closing costs, probably starting in August.

The cash, up to $15,000 per buyer, will come from $300,000 donated by the developers, Ahmanson Developments Inc., and $150,000 in federal block grant money contributed by the Baltimore County government. The County Council is expect

ed to vote its approval of the county contribution Monday night.

The money is being administered by the Enterprise Social Investment Corp. of Columbia, a subsidiary of the Enterprise Foundation, according to Jesse Chancellor, the fund's loan and development officer. The Enterprise Foundation is a non-profit group dedicated to providing housing for low- and moderate-income people.

Mr. Chancellor said that Owings Mills New Town's salespeople will be trained to spot potential buyers who need help to buy and who may qualify for the loans, which will be made in the form of second mortgages on Federal Housing Administration first mortgages. The loan won't have to be repaid until the house is eventually sold.

Those applying for the money do nated by the developers can qualify with a slightly higher income -- 90 percent of the area median income -- than those applying for the $150,000 donated by the county government. Applicants for the county-sponsored funds may only have incomes of 80 percent of the area median, though larger families may earn slightly more. Ninety percent of the median income is currently $39,600, while 80 percent is $35,200. However, county Community Development director Frank Welsh told the council Tuesday that people applying for the county money could have incomes ranging from a ceiling of $24,350 for one person up to $49,950 for a family of eight.

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