Enter the Maryland Housing Rehabilitation Program (MHRP). Their purpose is to preserve and improve single family properties and one-to-four unit rental properties. It is a program designed to bring properties up to applicable building codes and standards.
The program works by MHRP providing rehabilitation funds to correct exterior and interior deficiencies, make accessibility modifications, correct health and safety violations, improve plumbing, wells and sewer improve weatherization and energy conservation, and correct lead based paint violations.
After those items above are done, then general improvements are eligible. This includes small additions, alterations, carpeting, fences ad landscaping, kitchen, and bathroom or closet remodeling. Luxury items like swimming pools and recreational facilities are not eligible. This may cover single family owner-occupied homes to 1-4 unit rental properties.
To be eligible you must be a Maryland resident, own and occupy the dwelling to be repaired (or rent to an income eligible tenant) and be a family of limited income, or rent to a family with limited income.
Loans will have interest rates based on the income of tenants served and projected income available to repay the loan. Generally, the maximum loan is 110 percent of the value of the property. Loans in excess of $5,000 or with deferred payments are secured by a mortgage. The maximum loan term is 30 years. Loans which serve families with incomes at or below 50 percent of the statewide or Washington, D.C. Metropolitan Statistical Area median income may have deferred payments if necessary for project feasibility.
Think this program sounds good and would like to check it out? Visit their website and download an application. The office for the City of Annapolis is at 410-263-7961 x7787. The office for Anne Arundel County is 410-222-7600.