Thursday, July 31, 2014

Maryland Department of Housing and Community Development announces changes to Maryland Homefront initiative

News from NHC's family of members
by Radiah Shabazz, National Housing Conference

NHC member Maryland Department of Housing and Community Development (DHCD) announced last month new rate reductions to its Maryland Homefront initiative that will make homeownership more accessible and affordable for veterans and active-duty military members. The initiative makes veteran and active military homebuyers eligible for a reduced interest rate on a mortgage loan through Maryland’s Mortgage Program and a discount on fees from the Maryland Home Credit federal tax credit. 

Changes to Maryland Homefront will allow borrowers to see a 0.25 percent rate reduction on current rates of loans issued through the Maryland Mortgage Program. Buyers who purchase their homes before Dec. 15, 2015 will be eligible to receive 25 percent of their mortgage interest paid as a federal tax credit up to $2,000 through the Maryland Home Credit. Other benefits of the program include down payment assistance and homebuyer education services.

“Despite all that has happened the last few years, including the recession and the collapse of the national housing market, [we] still believe in homeownership,” DHCD Secretary and NHC Board of Trustees member Raymond Skinner said in a press release. “Homeownership helps stabilize neighborhoods, helps stimulate our economy and helps hardworking families build for the future. We are pleased to build upon our past programs for veterans and military families with this initiative."

NHC has worked with our members and partners to keep housing at the forefront of the conversation about the needs of America’s veterans. The financial and personal stability provided to veterans and their families by programs such as DHCD’s is vital to ensuring veterans enter civilian life on a strong footing..

The program is open to all active duty military personnel and honorably discharged veterans and disabled veterans. Since the launch of Maryland Homefront in 2012, 161 veterans and military families have qualified for more than $35 million in fixed-rate mortgage assistance. 

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