Fannie Mae to give $20 million to Baltimore SELP

Real Estate Watch

July 26, 1998

Fannie Mae, the nation's largest source of home mortgage funds, announced last week that it was providing $20 million to help finance Baltimore's Settlement Expense Loan Program (SELP).

The announcement was made during groundbreaking for Spicer's Run, a Bolton Hill townhouse project that is being built on the former Eutaw Gardens Apartments site.

The $13.3 million, 86-unit community, developed by Blair McDaniels LLC, also received an equity investment of $1 million from Fannie Mae's American Communities Fund. The townhouses will range in price from $116,000 to $130,000, with sales expected to begin in September.

Borrowers using the SELP program must purchase in the city. The program allows buyers to finance up to $5,000 of their closing costs and settlement fees. And with the additional Fannie Mae funds, city officials said borrowers will, for the first time, be allowed to use SELP money to cover down-payment costs.

For information about the city's SELP program, call 410-396-8407.

Pub Date: 7/26/98

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