The homebuying assistance program that was relaunched five years ago has provided over $1 million in grants to help employees purchase houses in targeted West Baltimore neighborhoods.
The University of Maryland, Baltimore (UMB) marked the fifth anniversary of the relaunch of its Live Near Your Work (LNYW) program Jan. 26 with a celebration at Suspended Brewing Company in Pigtown. The event drew LNYW grant recipients, program partners, and University leaders including President Bruce E. Jarrell, MD, FACS.
“The Live Near Your Work program is a terrific example of how the University can be in partnership with our surrounding communities,” Jarrell said about the homebuying assistance benefit, which was revamped and relaunched in 2018 to significantly boost the grant and add features such as homebuying workshops, financial counseling, neighborhood tours, and a housing fair.
The original LNYW grant of $2,500 from UMB was rarely used, so University leaders committed $1.5 million to boost the outlay to $16,000 per eligible participant to use for down payment and closing costs on homes in targeted West Baltimore neighborhoods. In addition, participants are eligible to receive a matching grant of $2,500 from Baltimore City’s LNYW program.
Dawn Rhodes, DBA, senior vice president and chief business and finance officer, said her goal when relaunching the program was to have UMB truly be part of the community while also empowering employees to be part of the revitalization of West Baltimore.
“Homeownership is one of the ways that you can truly generate individual and generational wealth,” Rhodes said. “So we wanted to have a win-win situation: help revitalize communities that had lots of vacant homes and give benefits to our employees.”
In photo: Annie Milli (center), executive director of Live Baltimore, joins UMB President Bruce Jarrell and Dawn Rhodes, senior vice president and chief business and finance officer, to cut the cake at the Live Near Your Work program celebration.