Neighborhood Housing Services of Baltimore
Providing rehab loans to existing homeowners, offering homebuyer education, loans, and down payment assistance to first-time homebuyers.
Impact
- $1,000,000 enterprise growth loan
- 291 homes to be acquired, rehabbed, and sold over the 7-year loan term
- 51% of borrowers with incomes below 80% AMI, 49% at or below 120% AMI
Neighborhood Housing Services of Baltimore (NHS of Baltimore) will use the $1,000,000 loan to expand its efforts to acquire and rehab vacant townhomes for sale to low-to-moderate income buyers in West Baltimore’s predominantly Black neighborhoods. The organization plans to acquire, rehab, and sell 291 homes over the seven-year loan term. In 2025, NHS of Baltimore anticipates 26 home sales and expects to grow production by approximately 15% annually.
The organization is focused on raising more capital for this effort and recently secured a $1.5MM grant from Wells Fargo for the program. Of the total homes produced, it is anticipated that 100% will be sold to Black homebuyers, of which 51% will have incomes at or below 80% of AMI, and the remainder will have incomes at or below 120% of AMI. In addition to increasing homeownership opportunities for communities, the program utilizes minority and female-owned developers and contractors to rehab the homes.
NHS of Baltimore is a certified CDFI and the organization recently celebrated its 50th anniversary. Historically, it has focused its efforts on revitalizing Baltimore neighborhoods by providing rehab loans for existing homeowners. The organization also provides homebuyer education, loans, and down payment assistance to first time homebuyers. In 2023, NHS of Baltimore provided homebuyer education classes to 615 customers and one-on-one counseling to 479 customers. Of the 479 participants, 270 purchased homes.
