BALTIMORE (WJZ) — Baltimore residents thinking of buying a house may be able to get some additional help.
The city has teamed up with other organizations to provide down payment assistance.READ MORE: Maryland Weather: Warm Temperatures May Help Create A Severe Storm
Now with the NeighborhoodLIFT program, eligible residents may receive a $15,000 down payment grant.
“That’s no joke, that’s serious money,” Rep. Elijah Cummings said.
Wells Fargo is investing $6 million for down payment grants and homeownership counseling to help low and moderate income families. That includes $17,500 grants for military veterans and service members, first responders and teachers who meet their own grant requirements.READ MORE: Early Voting Wins Preakness Stakes Amid Record Temperatures
“That gives you the idea of the essence of this philanthropic effort,” Monica Mitchell of Wells Fargo said. “These are grants where folks are able to take advantage of any approved lender. It doesn’t even have to be Wells Fargo.”
The NeighborhoodLIFT program expects to create nearly 300 new homeowners this year.
“It’s about making sure people are able to grow wealth in their communities and their neighborhoods,” Mayor Jack Young said. “It’s also about growing the city, making sure we’re not losing population, but gaining population. So this is another tool in the toolbox of people who have the dream of becoming homeowners to become homeowners. This is a good thing.”
Online registration starts on July 1.MORE NEWS: Ravens' Football Clinic Helps Children Improve Sports Skills
For more information on the program, click here.