County Authorizes $3.2 M to Encourage Homeownership

The Allegany County Commissioners authorized the transfer of nearly $3.2 million in tax-exempt housing bonds to the Community Development Administration’s Maryland Mortgage Program.  The program provides below rate mortgages for homeownership to the residents of the County through the participating lender branch Truist Financial Corporation.  Community Development Representative, David Nedved, says those who are not first-time homebuyers also qualify…

“Current income limits are very generous with $158,040 being the upper limit for a one-or-two-person household, and $184,380 being the upper limit for a household of three or more. The maximum acquisition cost is $665,173 for Existing or Newly Constructed Homes.”