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Loan Program

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BUSINESS
By Eileen Ambrose, The Baltimore Sun | November 9, 2010
When Roy Miller couldn't afford to pay cash for furniture for his new Belair-Edison home last year, he didn't have to resort to a credit card or some other pricey form of borrowing. Instead, the 50-year-old housing counselor took advantage of a pilot lending program that provided a low-interest $1,000 loan and even paid him for salting away a little money in a separate account. "It's a good program. It's helping people to borrow and save," says Miller, who has repaid his loan. In fact, "Borrow and Save" is the name of the program.
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BUSINESS
By Natalie Sherman, The Baltimore Sun | July 1, 2014
The Maryland Department of Housing and Community Development said Tuesday it will extend for the long-term a program that offers reduced mortgage rates for veterans and active-duty military, while scaling back the initial incentive. The new "Maryland Homefront" loans will carry interest rates a quarter of a percent lower than those offered under Maryland Mortgage Program, or about 3.75 percent. That's half the discount of the first Homefront loans announced just before July 4 two years ago. At the time, the state had reserved $50 million for the incentive.
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NEWS
By Alison Knezevich, The Baltimore Sun | December 7, 2011
A program that helps small businesses in Baltimore County to get loans will expand, with five new banks pledging to the fund, county officials announced Wednesday. With the new pledges, the Baltimore County Small Business Loan Partnership's fund will grow to $12.35 million, up from about $10 million, said Fronda Cohen, spokeswoman for the county's Economic Development Department. Businesses that are located in Baltimore County or planning to move there can get real estate and equipment loans from the program, which is a partnership between the private lenders and the county's Economic Development Department.
NEWS
By Alison Knezevich, The Baltimore Sun | December 12, 2013
Officials with Baltimore County Executive Kevin Kamenetz's administration say they won't immediately seek to recoup a $300,000 taxpayer-funded loan granted to a Pikesville family business that was raided this week in a federal cigarette-smuggling case. Health-Way Pharmacy was allegedly used to aid a black-market cigarette trade and the illegal sale of foreign drugs, according to a federal indictment unsealed Wednesday. Its owners received the loan in 2010 from a county fund meant to revitalize downtown Pikesville.
NEWS
By Melody Simmons and Melody Simmons,Staff Writer | November 17, 1992
In an effort to stimulate home sales in Baltimore -- where settlement costs are the highest in the state -- city officials have launched a $2.5 million loan program to provide second mortgages to cover settlement expenses.Under the program, a home buyer can borrow up to $5,000 for closing costs on the purchase of a city property selling for between $60,000 and $100,000. The program was funded through through a city bond sale, and the loans are expected to be available in early 1993. Five local lenders are in the program.
NEWS
By Larry Carson and Larry Carson,Sun Reporter | September 8, 2006
A small number of moderate-income Howard County homebuyers should benefit from a $255,275 state Community Legacy program revolving loan fund grant announced yesterday in North Laurel. The program would provide second mortgages worth up to $30,000 each for buyers of 10 new detached, single-family homes planned in Savage on land owned by the Howard County Housing Commission. The county bought land on Mary Lane for the planned Glens at Guilford development in 2002, but it has had to wait four years under Howard's development controls to get permission to build.
BUSINESS
May 7, 1995
The Baltimore City Council is asking Mayor Kurt L. Schmoke to issue a general obligation bond to continue a program that loans families up to $5,000 each to pay for home purchase closing costs.The Settlement Expense Loan Program (SELP) has provided 1,200 first-time homebuyers in Baltimore with $5.5 million toward closing costs since March 1993. The program recently exhausted its funds.Councilwoman Lois A. Garey, a Democrat from the 1st District who introduced the resolution, said the program has proven to be an effective way of encouraging homeownership by helping families overcome the initial cash burden of closing costs.
BUSINESS
August 11, 1996
An estimated 350 homebuyers in Baltimore can get help with settlement costs, thanks to a $1.4 million infusion of funds into a popular city loan program.The city's Settlement Expense Loan Program, designed to help with closing costs and settlement fees, has been expanded from originally targeting first-time buyers to include any buyer of a house selling for up to $203,150, said Thomas H. Jaudon, chief of the Home Ownership Institute Development Division, in the city's Department of Housing and Community Development.
BUSINESS
By Edward Gunts | September 15, 1991
The Real Estate Center, a non-profit organization that promotes affordable housing, is starting a loan program to help potential homebuyers establish credit records or improve those records.Under the Credit History Loan program, the center will place $1,000 in the name of the client receiving the loan in a special account. Vouchers that act as payment are issued to each client.The term of the loan is four months and the annual interest rate is 9 percent. At the beginning of each month, the vouchers have to be mailed to the center to be recorded as payments.
NEWS
By Ivan Penn and Ivan Penn,Sun Staff Writer | October 18, 1994
With the aid of a private mortgage company, Howard County announced yesterday that it is expanding a low-interest loan program to help lower-income families buy homes in the county.The 2-year-old program makes loans of up to $6,000 available to prospective buyers who have not owned residential property in the past three years. The money is to be used for down payments and loan closing costs.County officials and Norwest Mortgage Inc. announced the availability of $600,000 in new funds for the program.
NEWS
July 31, 2013
It is an argument often heard that Maryland has an unfriendly business climate. It is doubtful that opinion is shared by the owners of the Greene Turtle, a sports bar in Towson undergoing expansion that has been selected to receive a $240,000 state loan. The loan might have gone largely unnoticed had not politicians started raising questions over whether this is the best use of public money. Two members of the three-member state Board of Public Works, Comptroller Peter Franchot and Treasurer Nancy Kopp, have asked why a sports bar in the middle of a booming college town cannot finance its own expansion.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | May 28, 2013
Anne Arundel Economic Development Corp. on Wednesday will kick-off a small business loan fund that will lend $3.36 million in Maryland. As part of the launch, the development group will hold a press conference at the offices of the first loan recipient, Brick House LLC, at 1 p.m. in the Conte Office Park in Annapolis. Maryland's Department of Business and Economic Development last month announced that a total of $7.86 million had been allotted to three groups for a revolving loan fund targeting small-, minority- and women-owned businesses.
BUSINESS
By Gus G. Sentementes, The Baltimore Sun | November 20, 2012
Mayor Stephanie Rawlings-Blake is launching a micro-loan fund for small businesses in Baltimore, to help them hire and stabilize their businesses. The effort, called BaltimoreMICRO, will enable small businesses with under $1 million in annual revenue to apply for loans ranging from $5,000 to $30,000. Retailers, service providers and contractors based in Baltimore are eligible. The program appears to be targeting small businesses, including stores and restaurants, in city neighborhoods.
ENTERTAINMENT
By Mary Carole McCauley, The Baltimore Sun | November 14, 2012
A popular program of lending e-readers to patrons of the Enoch Pratt Free Library is expanding to all 22 branches in the system, Mayor Stephanie Rawlings-Blake announced Wednesday. A $350,000 grant from the Harry and Jeanette Weinberg Foundation will be used in part to purchase 200 Sony Readers, she said during a news conference. In the past, roughly two dozen Nooks that had been pre-loaded with popular titles could be checked out from the Waverly and Reisterstown branches.
EXPLORE
February 14, 2012
Side By Side's breakfast celebration and fundraiser will be held Saturday, March 3 from 8:30 to 10:30 a.m. at Bethany Community Church, 15720 Riding Stable Road. Guest speaker is Prince George's CountyExecutive Rushern Baker. A free breakfast will be provided by IHOP Laurel and a silent auction will be held during breakfast. Reservations are required by Feb. 27. Contact sidebyside@sidebysidelaurel.com or 202-710-5555. Auction proceeds and cash donations will help sustain and expand programs including Family Academy, an apartment homework club, community-wide tutoring, Spanish translation services in schools, a computer loan program and a new initiative, Great Start.
FEATURES
By Michael Dresser, The Baltimore Sun | January 12, 2012
Gov. Martin O'Malley is proposing a $15 million increase in the state's program to help build affordable rental housing, saying the bump would leverage $285 million in private investment and create 1,100 jobs in Maryland. Surrounded by housing advocates, construction workers and local residents, O'Malley went to the site of a former public housing development in Annapolis to announce plans to double the state's investment in loans to developers to help spur rental housing construction.
BUSINESS
By Daniel Barkin and Daniel Barkin,Sun Staff Writer | July 16, 1995
Baltimore City has scraped together $500,000 to renew a popular loan program that has advanced more than 1,200 home- buyers millions of dollars to cover settlement expenses over the past two years.Catherine Caskey, development director for the city's Department of Housing and Community Development, said her agency will primarily use existing residential bond funds that were earmarked for a variety of other programs but have not been used.The funds may allow loans for more than 100 families over the next 12 months for middle-income prospective buyers hard-pressed to come up with thousands of dollars in closing costs.
BUSINESS
By KENNETH HARNEY | August 20, 2000
THE NATION'S largest source of mortgage money, Fannie Mae, quietly has terminated a loan program that brought the company into the rapidly appreciating equity stakes of older homeowners. The program has the potential to cost some borrowers 30 percent or higher per year in combined fees and interest. Though Fannie Mae made no formal public announcement, it ceased financing new "equity-share" reverse mortgages for seniors 62 years and older Aug. 10. Under the equity-share concept, a senior pays not only a regular interest rate but gives the lender the right to as much as 10 percent of the total value of the home at sale.
EXPLORE
December 15, 2011
The Havre de Grace city government once again finds itself wrongly in the position of acting as loan officer, bank board of directors and financier in a business matter. The Havre de Grace city government once again finds itself wrongly in the position of acting as loan officer, bank board of directors and financier in a business matter. Last week, the city council, with two members abstaining, voted, 3-1, to loan $100,000 to Mary Martin Ltd., which is a shop on Washington Street that deals in antique postcards and related paraphernalia.
NEWS
By Alison Knezevich, The Baltimore Sun | December 7, 2011
A program that helps small businesses in Baltimore County to get loans will expand, with five new banks pledging to the fund, county officials announced Wednesday. With the new pledges, the Baltimore County Small Business Loan Partnership's fund will grow to $12.35 million, up from about $10 million, said Fronda Cohen, spokeswoman for the county's Economic Development Department. Businesses that are located in Baltimore County or planning to move there can get real estate and equipment loans from the program, which is a partnership between the private lenders and the county's Economic Development Department.
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