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September 19, 2011

Open houses for rehabbed foreclosures on Saturday

Among the federal government's stimulus spending is money to help nonprofits acquire and rehabbing foreclosed homes, an effort to keep neighborhoods from falling apart as the housing crisis drags on.

You can see some of those results on Saturday.

Healthy Neighborhoods, a Baltimore nonprofit, is holding an event with open houses on Sept. 24 from 10 a.m. to 2 p.m. to get prospective buyers to take a look. In addition to renovated homes, it has foreclosures in the not-yet-fixed stage that can be purchased by buyers who want to do that work themselves. More than 100 homes are available, the group says.

The properties are located in Belair-Edison, Better Waverly, Coldstream Homestead Montebello, Ednor Gardens, Patterson Park and neighboring McElderry Park, Old Goucher and Reservoir Hill. Eligible buyers can get up to $6,000 in closing-cost assistance for one of the rehabs. Eligible purchasers of a foreclosure still in need of fixing can get an interest free, forgivable loan (a loan that converts to a grant over time) of up to $25,000.

That help is part of the National Stabilization Program, which sets income requirements. A household of one can't make more than $71,000, for instance, while a three-person family can make up to $91,250. And sorry, investors: You've got to live in the home, not rent it out, use it as a summer place, etc.

Healthy Neighborhood has more details.

The group will be holding its event at the Patterson Park Public Charter School's cafeteria, 2726 E. Baltimore St. 

Posted by Jamie Smith Hopkins at 6:00 AM | | Comments (0)
Categories: Renovation/rehab, The foreclosure mess

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
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