New Mortgage Program and $900,000 Grant to Bring 12 Homes to Salisbury's Westport
Salisbury, MD - The Maryland Department of Housing and Community Development announced new funding today for a housing project in Salisbury. Secretary Jake Day said the Westport development has become Maryland's latest UPLIFT community.
The project will receive $900,000. The money will go toward fixing up a block of vacant buildings to create 12 new, affordable homes.
Secretary Day also announced a new Maryland Mortgage Program loan option. It is made just for homes in UPLIFT communities, and it launches tomorrow for first-time homebuyers.
"Becoming an UPLIFT community is more than just creating affordable homes, it's the next step in healing communities in Maryland like Westport that have historically been denied the opportunity for homeownership and generational wealth," said Secretary Day. "These 12 homes represent change. When empty lots and buildings become homes once again, neighborhoods grow stronger, property values rise and families have the opportunity to build wealth."
UPLIFT stands for Utilizing Progressive Lending Investments to Finance Transformation. The program gives funding to developers, both nonprofit and for-profit, who agree to help raise property values and homeownership in neighborhoods that have not seen much investment.
The program works with development teams to speed up the building and sale of quality, affordable homes. Salisbury Neighborhood Housing Services will receive the $900,000 for the Westport project.
The money will cover the gap between what it costs to build the homes and what they will sell for. The project will create 12 new homes on Salisbury's west side.
"Today is about celebrating the future of Westport and the families who will one day call this neighborhood home. Every renovated home represents an opportunity for someone to achieve the dream of homeownership, build wealth, and become part of a community," said Cheryl Meadows, Executive Director of Salisbury Neighborhood Housing Services. "We are incredibly grateful to the Maryland Department of Housing and Community Development and our many partners for believing in this vision. Together, we are preserving the neighborhood's history while creating new opportunities for current and future residents to thrive. As our nation celebrates its 250th anniversary, this project reminds us that strong communities begin with a place to call home."
The new Maryland Mortgage Program UPLIFT loan will give first-time homebuyers a 30-year, fixed-rate mortgage. It comes with a competitive interest rate and 5 percent down payment assistance.
The loan will only be available for homes that were funded through the UPLIFT program.
Photo credit: Maryland Department of Housing and Community Development
