In an effort to offer relief to neighborhoods affected by the national home foreclosure crisis, the Baltimore County Council last night unanimously approved an application for a $4.4 million grant from a federally funded rescue plan.
Maryland, which has received nearly $27 million to help communities attract qualified buyers to neighborhoods where home-foreclosure rates are high, will distribute the funds under the Neighborhood Conservation Initiative.
Baltimore County is one of 21 jurisdictions to have applied.
The funds would make potential buyers eligible for up to $50,000 apiece in second-mortgage loans. To qualify, buyers would have to be able to demonstrate good credit and promise to live in the purchased home.
"This is good news for our neighborhoods," said Mary Harvey, director of the Baltimore County Office of Community Conservation. "We'd be pleased to be able to offer this new product."
Harvey, who introduced the resolution, said she expected the state to rule on the application within two weeks.