$1 million infusion to help homebuyers


January 26, 1996

$1 million investment from one of the nation's largest homeowners insurance companies will make it easier for homebuyers with a wide range of incomes to buy homes in Baltimore.

A commitment from San Antonio-based United Services Automobile Association will enable Neighborhood Housing Services of Baltimore Inc., a housing advocacy group, to expand its revolving mortgage-loan fund and closing-cost program to help more than 100 mostly low- to moderate-income families. NHS offers low-interest purchase, rehabilitation and closing cost loans in Patterson Park, Irvington and Coppin Heights.

The $1 million to purchase mortgages originated by the housing group and local banks is part of $7 million that the insurer has targeted for revitalizing declining neighborhoods in Baltimore and six other cities.

Michael Braswell, NHS executive director, said the investment will allow more flexibility in income levels than government programs solely for low- to moderate-income borrowers.

"Our goal is to have economically diverse areas as a key to long-term neighborhood health," Mr. Braswell said.

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