Mayor Stephanie Rawlings-Blake said that the city, which owns about one-fourth of the city's 16,000 vacant properties, will give firefighters, teachers and police officers down payment assistance through a $5,000 forgivable loan to purchase any of the vacant homes. The city has also put together a number of other incentive programs to motivate those interested in moving into a vacant or recently renovated home.
"Vacant houses are more than just an eyesore," the mayor said. "They pose a serious public safety and public health threat to our citizens. They depress the value of surrounding homes and they deplete already scarce city resources."
Rawlings-Blake added that officials hope the programs will reduce the number of vacant homes by 1,000 in the next year.
That down payment assistance could help a number of families make the transition to homeownership. A survey earlier this year by Trulia found that 79 percent of renters said they might buy a home within 12 months. Of those people, 47 percent said saving up for a down payment could motivate them to pack up their moving boxes.
More News