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Hagerstown Home Store expands its program

December 23, 2002|by JULIE E. GREENE

julieg@herald-mail.com

With no one taking advantage of an opportunity to get up to $20,000 toward the purchase of a home, the Hagerstown Home Store has expanded the program.

Homeowners can now apply to use the money for home improvements, Home Store Director Patricia E. McMillan said.

The geographic area the money can be used in has expanded as well.

The eligibility area includes the neighborhood of North Potomac Street and Broadway, the Fairgrounds neighborhood and now all of downtown and some neighborhoods beyond, McMillan said.

Home Store officials asked the state this fall for permission to expand the use and geographic area for the money after no one secured a loan through the Home PRIDE program to buy a house or to get a purchase loan reduction, she said.

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Now people are asking about borrowing from the $500,000 pool of money for home improvements, so anyone interested in applying can call the Home Store at 301-797-0900.

The loans are offered at 0 percent interest and are deferred so monthly payments aren't needed.

The loan becomes a grant after 5 years as long as the homeowners live in the home during that time period.

There are no income limits for the program, McMillan said.

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