Banks pledge money to foster homeownership in Hillendale $1.5 million committed to help aging neighborhood

November 22, 1996|By Suzanne Loudermilk | Suzanne Loudermilk,SUN STAFF

To boost homeownership in a flagging Baltimore County neighborhood, several financial institutions pledged more than $1.5 million yesterday to a housing program in Greater Hillendale.

The commitments, which will provide low-interest financing and closing-cost assistance to homebuyers, were announced at the official opening of the Taylor Avenue office of Neighborhood Housing Services, a nonprofit organization that counsels potential buyers.

Neighborhood Housing Services, which has been involved since in Baltimore City neighborhoods, has been working with 72 potential buyers in Greater Hillendale since June. Of those, 13 have reached settlement on houses.

"One of our highest priorities is conservation of older neighborhoods," County Executive C. A. Dutch Ruppersberger said at the ceremony. "Hillendale is a great location, close to Towson, close to Baltimore City."

But over the years, a growing number of rentals in the area has worried residents and officials. They hope increased homeownership through efforts such as Neighborhood Housing Services' will stabilize the area, bounded by the city line on the south, Loch Raven Boulevard on the west, Perring Parkway on the east and Taylor Avenue on the north.

About 200 rented houses are among the area's 1,400 houses -- mostly brick rowhouses -- and about 1,900 apartments.

These financial commitments were made to NHS:

$1 million from USAA, an insurance and diversified financial services company that also will benefit NHS' city neighborhoods.

L $500,000 from Hamilton Federal Savings and Loan Association.

$178,000 from the Community Reinvestment Coalition Inc., including Bradford Federal Savings Bank, Chesapeake Federal Savings & Loan, Heritage Savings Bank, Northfield Federal Savings, Parkville Federal Savings Bank, Senator Savings Bank and Wyman Park Federal Savings & Loan.

$75,000 from Carrollton Bank, St. Casimirs Savings Bank and Carrollton Community Development Corp.

"We know Greater Hillendale is going to be another success story," said Elizabeth Wright, chairman of the NHS board.

Other officials at yesterday's event included Towson Republican Councilman Douglas B. Riley and Democratic state Sen. Thomas L. Bromwell, who co-sponsored a tax-credit measure this year that benefits new homeowners in Greater Hillendale.

"The word I don't like is 'revitalization,' " said Bromwell, whose district includes the community. "We're not revitalizing. We're stabilizing. This community is alive and well."

Pub Date: 11/22/96

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