FOR IMMEDIATE RELEASE
April 25, 2022
Tim Trumble – Media Coordinator; [email protected]
(BOSTON- April 25,2022) – On Tuesday April 26th at 5:00 in the Baltimore City Hall (Clarence “Du” Burns Council Chamber), hundreds of Baltimore City residents will be participating in a crucial city council hearing to make homeownership a reality. This is a critical step before a final vote on the first-ever legislation for low-to-moderate income legacy Baltimore residents on a massive scale to purchase a city owned property for one dollar, access funds for the renovation and obtain extraordinary financing.
NACA working with Baltimore City Council President Nick Mosby, who is leading the effort, to transform Baltimore and provide a national standard for affordable homeownership. This legislation will require the city to sell the thousands of city-owned buildings for one dollar to legacy residents, provide up to $50,000 in renovation grants, and obtain renovation funding like NACA’s Best in America Mortgage (i.e., no down-payment, no closing costs, no mortgage insurance at a below market fixed rate).
NACA expects to assist and finance over 1,000 Baltimore city residents over the next 18 months. This will not just be huge for Baltimore but will set a national standard in equitable and affordable access to housing, especially for communities who must overcome systemic barriers.
“This is a first step to transforming Baltimore to address displacement,” states Council President Nick Mosby. “Investors have been purchasing our properties and leaving our residents behind. We have also seen the additional consequences of vacant houses when three of our City’s fire fighters were killed when fighting a fire in a vacant building.”
This is the largest in-person Baltimore City Council hearing since the pandemic. The hundreds of NACA members will attend this hearing to send the message that all the city councilmembers to pass this legislation and for the Mayor of Baltimore to sign this legislation that will unravel the country’s first racial zoning law.
NACA Founder and CEO Bruce Marks said, “The legislation will show whether political leaders are on the side of corporate investors or with Baltimore residents who have been impacted by discriminatory redlining and are in a position to purchase city of Baltimore owned homes.”
NACA, known for its aggressive advocacy in support of homeowners, is committed to hold everyone accountable for their position on this precedent setting legislation.
NACA (NEIGHBORHOOD ASSISTANCE CORPORATION OF AMERICA)
Started in 1988, NACA is the largest HUD-approved nonprofit, community advocacy and homeownership organization in the United States. NACA has been the forefront in fighting predatory lending and has been the most effective organization in providing affordable solutions to over 250,000 homeowners during the mortgage crisis. NACA provides the best mortgage in the country through its 45 offices nationwide. NACA’s founder and CEO Bruce Marks was named Bostonian of the Year for 2007 for his work getting the major lenders and servicers to modify home loans. He has also testified before Congress on numerous occasions including September 12, 2000, being one of the few to sound the alarm of the pending mortgage crisis. For more information, please visit www.naca.com.