How much funding does Interest Rate Reduction (IRR) Grant provide?

Funding amounts vary. Check the grant details for specifics.

When is the deadline for Interest Rate Reduction (IRR) Grant?

This grant has a rolling deadline or the deadline has not been announced.

Interest Rate Reduction (IRR) Grant

Healthy Neighborhoods Inc

Foundation Housing Grants for Nonprofits Affordable Housing Grants

Funding Amount

Varies

Deadline

Rolling / Open

Grant Type

Foundation

Can we apply?

Check your organization against each line. Taken from the listing; confirm with the funder's guidelines.

Other requirements

Formerly vacant homes developed by approved developers in eligible Healthy Neighborhoods

Overview

Geographic Scope: Baltimore City (select properties in Special Purchase Program)

Program Overview:
This grant is available for select properties under HNI's Special Purchase Program. The IRR Grant proceeds are used by HNI to buy mortgage discount points on behalf of the borrower in order to reduce the borrowing rate to 3.5%.

Loan Features:

Fixed interest rate: 3.5% (reduced from standard market rates via IRR Grant)
30-year term
No private mortgage insurance (PMI) required
Minimum 3% down payment
Applies to already-renovated, move-in ready homes from approved developers

Eligible Properties:
Formerly vacant homes developed by approved developers in eligible Healthy Neighborhoods

How to Apply

Application Process

To learn more about the Interest Rate Reduction Grant:

Contact: Ben Glover, Director of Capital Programs
- Phone: (410) 332-0387 Ext. 1005
- Email: bglover@healthyneighborhoods.org
- Address: 40 S Fulton Ave, Baltimore, MD 21223
Get Started: Follow HNI's general loan application process for Special Purchase Program properties

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