Eager Park Home-Buying Extravaganza: $36,000 Grant
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 townhome 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 in the video below.
Read One day only: $36,000 toward buying a house in East Baltimore on the Hub.
How can I prepare for September 10? **UPDATED**
- 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. Review the grant application for any questions.
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 Street)
- Tadesse & Associates (McDonogh Street)
- TuCasa Development (1000 block of Washington Street)
- Become a qualified buyer. There are four requirements for being a qualified buyer to enter the lottery 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. You will need to bring with you a one-on-one homeownership counseling certificate. If you have a co-borrower, his or her name needs to be on the certificate indicating he or she attended the one-on-one counseling appointment with you. Please note: to be eligible for a LNYW grant, you may not have a co-signer.
- Lender 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. You should be prequalified for a minimum of $235,000 if you want to purchase a Tadesse & Associates home* and $270,000 for a Ryan, Emerging Developers, or TuCassa Development home. *Some Tadesse homes are more expensive, so check with the developer for the exact purchase price of the home and make sure you are prequalified for that amount.
- $1,000 Earnest Money Deposit**. In addition to a homeownership counseling one-on-one 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? **UPDATED**
Demand is high, and the number of homes available is limited. To ensure that the process is organized, fair, and easy to navigate, the Eager Park Homebuying Extravaganza will use a lottery system (rather than a first-come, first-served lineup). Briefly, here’s how it will work.*
- Starting at 8:00 a.m., you may check in with your four pieces of documentation mentioned above.
- If you successfully meet the documentation criteria, you will receive a number.
- At 9:30 a.m., check in will close and the lottery will begin. When your number is called, you will meet with a representative of the home you want to purchase (while homes are available).
- All lottery numbers will be drawn, and when all homes have been reserved, remaining participants will be put on a waitlist in the order their numbers were called.
If you arrive after 9:30 a.m. and have the necessary documentation, you will be added to the end of the waitlist.
Note: you may sign a purchase agreement on a Ryan townhome or substantially-renovated townhome 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.
*Revisit this page for more details.
How can I register for Sept. 10? **NEW**
To help us be well prepared, please let us know if you plan to participate in the Eager Park Homebuying Extravaganza.
Can I see Ryan's Eager Park Model Home?
Ryan Home's Eager Park model, the Hepburn at 1710 Eager Street, will open on Tuesday, Sept. 6 at 6:00 p.m. We strongly encourage you to attend this event. You can tour the model, ask questions about the homes and home sites, and learn about special pricing. A representative from the Johns Hopkins Live Near Your Work program will also be on-hand at the event to answer LNYW-specific questions. A brief presentation on how to purchase in the community will begin promptly at 6:15 p.m. Ryan strongly suggests you RSVP to this special event.
Before Sept. 6, you can visit the Hepburn model at these nearby communities:
Parkside in Hanover
GPS Address: 2657 Annapolis Road, Hanover, MD 21076
Model Address: 2613 Fiat Drive, Hanover, MD 21076
Creekside Village in Glen Burnie
GPS Address: 8805 Clubhouse Drive, Glen Burnie, MD 21060 *This address works in Google Maps*
Model Address: 607 Fox River Hills Way, Glen Burnie, MD 21060
What happens after September 10?
- 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.
Please note: grant amounts are subject to change.
How many homes will be available on Sept. 10? **NEW**
44 townhomes (new and substantially renovated) will be available for purchase. That’s 32 Ryan townhomes and 12 renovated townhomes by Emerging Developers (801-817 Chester Street), TuCasa Development (1000 block of Washington Street), and Tadesse & Associates (McDonogh Street).