LIVING NEAR YOUR WORKPLACE NOW MAKES EVEN MORE FINANCIAL SENSE!
Down payment and settlement costs are one of the biggest barriers to homeownership, especially for first-time home buyers.
Who can apply?
The program is open to all full-time, benefit eligible employees. There are no minimum years of service required.
LNYW Eligibility and Conditions:
To be eligible for a LNYW Grant the applicant must be:
- Full-time, benefits-eligible employee of the Maryland Institute College of Art.
- Purchase a home in a LNYW Program target area (see map).
- Obtain a signed certificate documenting the completion of the Home Ownership counseling program prior to signing contract of sale.
- Agree to repay funds received from MICA in full if employee leaves the college within 2 years of receiving LNYW payment.
- Agree to provide at least a $1,000 cash contribution toward the down payment and/or closing costs.
- Grants will not be rewarded retroactively.
The following conditions apply to grants awarded on or after October 1, 2012:
- Grants are available on a first-come first serve basis; the Program may be discontinued at anytime.
- Grants are provided at the discretion of MICA and Baltimore City.
- An application for a LNYW Program grant does not guarantee that a grant will be received.
- Grants are available only for homes purchased MICA's designated area of the city.
- Grant money may only be used for down payment and closing costs at settlement for the purchase of an eligible residence; one grant per eligible address; one grant per employee.