Elected officials, nonprofit workers and others crowded under a white tent in East Baltimore Friday, afternoon. At the podium Gov. Wes Moore announced that Habitat for Humanity of the Chesapeake is the first recipient of the UPLIFT grant — short for Utilizing Progressive Lending Investments to Finance Transformation.
“It's important to build opportunity in places that oftentimes have been robbed of it,” said Moore. “The goal is to invest in these communities with inequitable appraisal values, with the goal of lifting property values to their true level. And we are very proud that Orchard Ridge will be the first community to receive this funding.”
UPLIFT is focused on converting vacant lots and abandoned buildings into quality, affordable housing. In eligible communities, homes often appraise for less than the cost to build, reflecting decades of disinvestment.
According to the governor’s office, the program will support new and upgraded infrastructure, including public amenities such as parks and recreational facilities.
Before his remarks, Moore toured a three-bedroom, 1.5 bath home, still under construction.
Habitat is building 27 houses in a formerly redlined area that was once home to public housing. Now that those units have been razed, the nonprofit is converting the vacant land into affordable homes, said Habitat for Humanity of the Chesapeake CEO Mike Posko.
Leaders from Habitat say the funds will help close an appraisal gap. The houses are valued at more than $200,000 and will be sold to qualified buyers for $150,000-$175,000 giving first-time home owners instant equity.
“This is not an end point,” Moore said, encouraging other developers to apply for funding. “This is a continuation. This is not the end of a conversation. This is a promissory note that we're just getting started.”
Posko said families are expected to move in this fall, marking the completion of the final phase of a 10-year project. He added that the new homeowners have also completed a year-long financial education course and will have 0% interest mortgages.
Click here to learn more about purchasing one of the homes.
