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Low-interest loans offered

September 15, 1999

The State of Maryland is offering low-interest mortgages for home buyers who purchase a home in designated growth areas, including three in Hagerstown, City Community Development Manager George Andreve said Wednesday.

The loans will have a 4 percent interest rate.

A limited amount of money is available for the loans, which are also being offered in 10 other Maryland jurisdictions, Andreve said.

He said the loans will be awarded to qualified home buyers on a first-come first-serve basis.

In Hagerstown the three targeted growth areas for the loan program are roughly along Locust and Mulberry streets, between Burhans Boulevard and West Side Avenue, and the area around Jonathan Street.

To qualify for the mortgage program the home buyer must have a household income of less than $69,360 for a one- or two-member family, or less than $80,920 for a family of three or more, Andreve said.

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To apply for the low-interest loan program, or for more information about the program contact the City Community Development Department at 301-739-8577 extension 136.

Andreve said home buyers also should ask their lender or real estate agent about the program.

- Dan Kulin

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