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Loans
AVAILABLE INCENTIVES
203(k) Mortgage Rehabilitation Insurance Program
Loans cover acquisition and rehab costs for residential properties (one- to four-family dwellings) which need at least $5,000 in repairs. Low down payment, closing costs wrapped into mortgage, rehab money escrowed at closing and disbursed directly to contractor. 30-year fixed rate mortgages. Minimum code standards ... more»
Brownfields Cleanup Revolving Loan Fund
Loans available to cleanup environmentally contaminated properties as a mechanism to facilitate redevelopment of such sites. Eligible projects are those whose applicant, property, and cleanup plan have been approved for participation in Maryland's Voluntary Cleanup Program. It is anticipated that origination fees will range from ... more»
Community Reinvestment Act
Community Reinvestment Act more»
Hagerstown Commercial Rehabilitation Loans
CDBG loans are available to bring a building, or commercial portion of a building, up to code. Eligible projects provide a public benefit, such as enhancements for low- to moderate-income and handicapped persons or blight eradication in locally designated areas. more»
Hagerstown Revolving Loan Fund
Loans available for existing or new businesses which will create or retain jobs or improve the economic condition and tax base within the City. Eligible costs include building acquisition, building rehabilitation, machinery and equipment, new construction, professional fees, working capital, and refinance existing debt in ... more»
Hagerstown Single-Family Home-ownership Program
Loans available for rehabilitation work on owner-occupied properties. HUD maximum income guidelines. more»
HOME Mortgage
No-interest, no payment, deferred 2nd mortgage loan for purchasers of City-owned houses. HUD maximum income guidelines. If owner lives in house for 10 years, loan is forgiven. more»
Inner-City Ventures Fund
Below-market rate loans available to non-profit organizations for acquisition, rehabilitation, and related capital costs for projects offering housing, neighborhood services, and commercial opportunities for area residents. The goal of this program is to help revitalize older, historic neighborhoods for the benefit of low- and moderate-income ... more»
Maryland Competitive Advantage Loan Fund
A revolving loan fund providing loans up to $100,000 to small and minority businesses with sales of less than $1 million. One of DBED's legislative proposals this year. more»
Maryland Economic Adjustment Fund
Loans to companies with growth potential for working capital, product development, technology commercialization, or manufacturing modernization. Average loans range from $100,000 to $250,000. Priority will be given to defense contractors and companies started by former defense workers who lost their jobs with defense contractors. Applicants ... more»
Maryland Economic Development Assistance Fund
Loans to major job-creation and retention projects. more»
Maryland Historic Preservation Loan Program
Low-interest, 20-year loans to non-profit organizations, local jurisdictions, businesses, and individuals for acquisition, rehabilitation, or restoration of historic properties listed in or eligible for listing in the Maryland Register of Historic Places. Gap financing. Loans range from $10,000 to $300,000. "Substantial rehab" test (impact to ... more»
Maryland Housing Rehab Program - Multi-Family (MHRP)
Provide affordable rental housing for low- and moderate-income households and promote community development. Maryland Rental Housing Production Program (RHPP) (Rental Housing Program of Maryland CDA). Provide affordable rental housing for low- and moderate-income households and promote community development. more»
Maryland Housing Rehab Program - Single-family (MHRP SF)
Improve single-family and small rental properties lived in by low- and moderate-income households. Comprehensive and limited rehabilitation to improve basic livability, increase energy conservation, and to meet special needs. more»
Maryland Lead Hazard Reduction Program
Loans are available for approved lead reduction activities in owner-occupied single-family houses and in rental housing with 100 or less units. No income limits. more»
Maryland Mortgage Program for Low- to Moderate-income, First-time Homebuyers
30-year, fixed-rate mortgages for first-time home-buyers. Interest rates from 5.625% to 6.75% for buyers with maximum income of $102,600 for 1-2 member households and $119,700 for households with 3 or members. Maximum purchase price for a home in Hagerstown is $403,155. [1-800-638-7781 for participating lenders.] more»
Maryland Neighborhood Business Development Program
Program for mixed-use or commercial properties. Provides start-up or expansion loans and/or grants to non-profit and for-profit small businesses located in designated revitalization areas. NBDP funds are intended to be used as gap financing, not to exceed 50% of the project costs ($25,000 to $500,000). ... more»
National Preservation Loan Fund
Below-market rate loans up to $350,000 to non-profit organizations and public agencies for creation or expansion of local and statewide preservation revolving loan funds, for site acquisition, for rehabilitation work, and for pre-development activities. The goal is to help preserve properties listed in or eligible ... more»
Preservation Maryland Revolving Loan Fund
Loans available to non-profit organizations for purchasing and rehabilitating endangered historic properties. Loans range from $5,000 to $50,000. Interest Rate: 0% annual interest for 1-12 month loan; 2 fixed prime rate for 13-36 month loan; fixed prime rate for 37-60 month loan. more»
Small Business Administration 504 Program
Expansion loans to for-profit small businesses. Funds are intended to be used for acquisition of land, building, machinery and equipment, construction and renovation which results in the creation of new jobs. Up to 40% of eligible project costs, with a maximum of $750,000. Long-term, below ... more»
Small Business Administration Loan Guarantees
Small Business Administration Loan Guarantees more»
Special Loan Opportunity for Locally Designated Historic Properties
Low-interest rehab loans to owners of historic properties in locally designated historic districts or landmarks for exterior rehab work. Easement is not required most cases. more»
Title I Mortgage Insurance Program
FHA approved lenders receive insurance for up to 95% of mortgage amount. Enables eligible participants to purchase property with 5% down payment. [local lenders] more»
Tri-County Council Revolving Loan Fund
Loans to new and expanding small to mid-sized businesses. The funds are to be used as gap financing, not to exceed 25% maximum of fixed asset costs or 50% maximum of working capital ($10,000 to $100,000). Maintenance and expansion of job opportunities is a goal. more»
Utility Benefit and Allocation Charge Assistance
In order to assist in the PEP initiative, the Utilities Department will offer two free EDUs per property, valued at $13,800, if the existing water and wastewater allocation is not sufficient enough to accommodate the proposed needs of the property. Additionally, any EDUs that are ... more»
