Johns Hopkins University and Johns Hopkins Health System will offer dozens of their employees $36,000 grants toward buying a house in the East Baltimore Development Inc. development during a one-day sale on September 10.
The grant is available to most full-time, benefit-eligible employees. The money can go toward buying one of the 42 houses in the 1700 block of Eager Street or renovated rowhouses located on Washington, McDonogh or Chester streets.
The grants, paid for by Johns Hopkins' "Live Near Your Work" program, is part of a larger effort to bring new life to the Towns at Eager Park development area, said Andy Frank, special adviser to the president of Johns Hopkins University.
"We want to focus on building a large and diverse community," he said. "We really want to create excitement for this new area and want our employees to take advantage of it."
The new homes — three-story brick-front, one-car garage houses built by Ryan Homes — start at $260,000. Home buyers could get an additional $10,000 if the they use Ryan Homes' mortgage loan company.
Johns Hopkins' website suggests home buyers also take advantage of a city tax credit for the first five years of ownership, which starts with a 50 percent tax reduction.
Though Johns Hopkins has not said where the one day sale will take place, grants will be offered on a first-come, first-serve basis.
Buyers need to have their employee identification with them on the sale day. They must take a home ownership counseling course, which can be accessed online. They need to be pre-qualified by a mortgage lender and bring a $1,000 check, according to their website.
The East Baltimore Development Inc. is a nonprofit established in 2001 to help redevelop a section of land north of Johns Hopkins Hospital. It is funded by private and public money.