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Eager Park Home-Buying Extravaganza

One Day that Could Change Your Life!

On September 10, 2016, for one day only, Live Near Your Work (LNYW) is increasing its home-buying grant to $36,000 to purchase a new or substantially-renovated rowhome in Eager Park, formerly known as EBDI. That’s a lot of money that can help you become a homeowner in a great neighborhood.  

The Eager Park/EBDI neighborhood is bordered by Broadway, Madison Street, Patterson Park, and the railroad tracks. Previously-owned homes are not eligible for the $36,000 LNYW grants. (Previously occupied homes are eligible for the FY17 LNYW grant amounts.)    

See what Johns Hopkins employees living in Eager Park say about their neighborhood.

 

 

  • How can I prepare for September 10?
    • Learn more about the Johns Hopkins Live Near Your Work program. Carefully review the important details about using a Live Near Your Work grant to help buy a home in Baltimore City.
    • Do your home-buying research. Visit the Ryan model townhome and the substantially-renovated townhomes that are for sale. Meet with the developers and ask them your questions. Walk around the neighborhood and meet the neighbors. Decide which home you want to buy. (Do not sign a contract if you want to be eligible for the $36,000 LNYW grant available on September 10.) Here are the developers involved in the Eager Park Home-Buying Extravaganza:
      • Ryan Homes (You may sign up to receive priority emails from Ryan homes.)
      • Emerging Developers (801-817 Chester)
      • TuCasa Development (1000 block of Washington Street)
      • Tadesse & Associates (1100 McDonogh)
    • Become a qualified buyer. There are three requirements for being a qualified buyer on September 10*.
      • Homeownership Counseling.  Sign up for and complete homeownership counseling. You must complete the class portion and one-on-one counseling by 9/10/2016.
      • Bank Prequalification. You will need to be prequalified for a mortgage by a lender.  Buyers of a new construction Ryan townhome are eligible for an additional $10,000 if they use NVR Mortgage as their lender. .
      • $1,000 Earnest Money Deposit**. In addition to a homeownership counseling certificate and a prequalification letter from a lender, you must bring a $1,000 deposit check or money order. There is a grace period during which a deposit can be returned. For a Ryan Homes purchase, the grace period is the time between the home reservation and the contract signing appointment (about 1-2 weeks after September 10).

    * Johns Hopkins reserves the right to amend or supplement these criteria prior to the one-day event on September 10. Please revisit this page for updates.

    ** Developers might require different earnest money deposits and have different refund policies. For the home you are interested in purchasing, be sure to ask the developer about the deposit needed on September 10 and the refund policy.

  • What happens on September 10?

    You will:

    • Line up in Eager Park. The exact location and time are still to be determined so stay tuned for the details. Be sure to bring your Johns Hopkins ID.
    • If you are interested in a Ryan townhome, you will line up with other prospective buyers.
      • Priority is established by your place in line and your paperwork verifying you have completed homeownership counseling, are prequalified for a mortgage, and have a $1,000 deposit check.
      • Ryan townhomes are available on a first-come, first served basis. For example, the first buyer in line with the proper paperwork gets to pick from all unsold units and sign a home reservation. The second person in line gets to pick from the remaining unsold units and sign a home reservation. And so on until all units are reserved.
      • A numbered waiting list will be created for those employees still in line after all of the townhomes are reserved. Individuals will move off the waitlist in order if prospective buyers are not able to sign purchase agreements on the homes they reserved on September 10.
      • Schedule a meeting to write the purchase agreement.
    • If you are interested in purchasing a substantially-renovated townhome by one of the approved developers you will line up with other prospective buyers (separate from those interested in the Ryan townhomes). The approved developers are listed in the question about preparing for the one-day only event above.
      • Priority is established by your place in line and your paperwork verifying you have completed homeownership counseling, are prequalified for a mortgage, and have a deposit check.
      • The substantially-renovated townhomes are available on a first-come, first served basis.
      • Revisit this page for more details.

    Note: you may sign a purchase agreement on a Ryan townhome or substantially-renovated townhome before or after September 10, however you will not be eligible for a $36,000 LNYW grant. See the grant amounts for FY17, except for September 10, 2016.

  • What happens after September 10?

    You will:

    • Attend the meeting you scheduled to write the purchase agreement within 7 days.
    • Download the LNYW grant application.
    • Complete and submit the grant application.
  • Where can I learn more about Eager Park?
  • Why buy a home in Baltimore City?

    Employees choose to buy homes closer to Johns Hopkins campuses so that they can:

    • Become more involved in their neighborhood and the community
    • Enjoy free time with friends and family in a dynamic environment that offers green space, entertainment, and unique retail options
    • Shorten the time spent traveling to work, stores, and restaurants

    Baltimore’s housing market reflects the city’s growing population and popularity. The areas around the East Baltimore and Homewood campuses offer:

    • New construction homes from reputable builders
    • Opportunities to renovate historic homes
    • Properties that are move-in-ready

    You can find whatever housing type interests you within the LNYW boundaries.

    Personal Story of Employee who Benefited from LNYW


     Please note: grant amounts are subject to change.

 


Updated 7/18/2016