Fillable LNYW Employee App 2018 FORM (University of Baltimore)

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LNYW Employee App 2018 FORM (University of Baltimore)

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OFFICE OF HOMEOWNERSHIP LIVE NEAR YOUR WORK EMPLOYEE APPLICATION
Baltimore City Live Near Your Work Program
Program Details &
Employee Application
OFFICE OF HOMEOWNERSHIP LNYW EMPLOYEE APPLICATION 1 of 8
Live Near Your Work’s (LNYW) purpose is to provide nancial assistance in grant funds toward eligible
employees’ home purchase of their primary residence. LNYW is designed to incentivize community
revitalization for continued neighborhood and economic vitality. Enrolled employers contribute a minimum of
$1,000 per employee to the program. Baltimore City then matches employer contributions up to $2,500.
AT WHAT POINT IN THE HOMEBUYING PROCESS MUST I
COMPLETE MY HOMEOWNERSHIP COUNSELING?
Homeownership Counseling is mandatory for all LNYW applicants,
prior to signing a contract of sale. This includes both the general
workshop and the one-on-one counseling session. There are
no exceptions to this policy. A list of Baltimore City Approved
Homeownership Counseling Agencies is included on the last page of
this application.
HOW MUCH MONEY IS AVAILABLE THROUGH A LNYW
INCENTIVE?
The maximum LNYW award is determined by your employer. Check
with your HR representative for specic amounts. Baltimore City
matches employer contributions up to $2,500. State of Maryland
Employees (this does not include University of MD employees) are only
eligible for LNYW if they use the CDA Maryland Mortgage Program. The
LNYW funds will be provided in the form of a grant with no security
instruments to sign nor lien encumbrance.
WHAT CAN A LNYW INCENTIVE BE USED TOWARD?
LNYW grants may be used only for downpayment and closing costs
in connection with home purchases which will be your primary
residence. Any remaining funds after closing costs must be applied as
downpayment assistance to reduce the principal mortgage. There is no
cash back to the borrower nor retroactive payments.
WHAT WILL MY MINIMUM OUT OF POCKET COST BE WITH A
LNYW INCENTIVE?
Employees must contribute at least $1,000 toward their home
purchase.
Purchase a home in Baltimore City with the
Live Near Your Work
Incentive Program
The Baltimore City Live Near
Your Work Program provides
a minimum $2,000 grant to
employees purchasing homes in
neighborhoods near their place
of employment.
PROGRAM DETAILS & FAQs
HOW WILL I RECEIVE MY LNYW INCENTIVE FUNDS?
Incentive funds from the city are provided in the form of two-
party check, payable to the borrower and his/her title company.
Employees are responsible to make arrangements with their
employer to secure their check and deliver it to loan settlement.
WHAT TYPE OF FINANCING CAN BE USED WITH LNYW
INCENTIVES?
Borrowers must obtain a xed-rate mortgage from a federally
insured lender. Prohibited nancing includes: Adjustable Rate
Mortgages (ARM), no-document loans, cash sales, and seller
nancing. No co-signers (persons not residing in the property)
are permitted. The mortgage amount cannot exceed the
prevailing FHA limit of $517,500* for single family properties
(*this is subject to change).
HOW DO I APPLY FOR A LNYW INCENTIVE?
LNYW grant funding-is contingent upon the receipt of a
completed application package containing all documents
required by the Oce of Homeownership within 20 days from
the settlement date. Early application processing is encouraged.
Further application details and instructions are contained in this
package.
OFFICE OF HOMEOWNERSHIP LNYW EMPLOYEE APPLICATION 2 of 8
GETTING STARTED:
• Obtain an application through your participating employer’s HR department.
• Once the application has been signed by your employer, inform your lender that you have applied for the LNYW incentive and
coordinate with them on the submission of your package to the Oce of Homeownership. You, or your lender, may submit the
application package.
• Once the city receives your signed LNYW application and required submission documents, we will provide you, your employer
and your lender conrmation of the amount of LNYW funds that you are eligible for through a commitment letter.
• All application documents must be provided by you or your lender prior to deadlines mentioned below. The eligible employee
must be listed on the counseling certicate and all title documents, including the contract of sale.
• The Baltimore City Oce of Homeownership will coordinate with all parties to achieve completion of the application, including
the lender and the title company for loan settlement. However, as a participant of the LNYW program, it is ultimately your
responsibility to make sure nal documents reach the Baltimore City Ofce of Homeownership no later than 20 days prior to your
settlement. Please permit ten (10) days from the date of receipt of grant approval to process and secure the city check. It is
therefore imperative that the applicant inform the city and their employer of any changes to the name of the title company from
the time of submission. Employees must also inform the employer and the city if for any reason settlement does not occur by the
established date of settlement.
NOTE: Application packages can be emailed, mailed or delivered in person by you or your lender to the Baltimore City Oce of
Homeownership. Submission instructions to follow.
APPLICATION INSTRUCTIONS
QUESTIONS?
Direct Phone: 410-396-4159
General Information Phone: 410-396-3124
You are encouraged to review the Baltimore City Oce of Homeownership’s lending policies and other incentive details located on the
Baltimore Housing website:
http://static.baltimorehousing.org/pdf/homeownership_incentives.pdf
Additional incentive information is available at
LiveBaltimore.com
.
DISCLOSURE
The Oce of Homeownership and employers have the right to create and revise the eligibility requirements and program benets for employees. All eligibility
requirements and program benets must comply with applicable laws and fulll the purpose and objectives of the Baltimore City LNYW Program.
Employers are responsible for setting eligibility requirements for their benet programs, accepting employee applications and verifying employment. Funds are
available on a rst-come, rst-served basis. Financing is subject to availability at the time of submission and cannot be guaranteed. Upon nal approval, the city
portion of funds will be provided in the form of a two-party check in the name of the employee and title company and will be delivered to the title company.
The eligible employee must be listed on all title documents, including the contract of sale and the homeownership counseling certicate to be considered
eligible for the grant funds.
ADDITIONAL INFORMATION
OFFICE OF HOMEOWNERSHIP LNYW EMPLOYEE APPLICATION 3 of 8
Part 1 of 5 : THIS SECTION TO BE COMPLETED BY EMPLOYER.
EMPLOYER VERIFICATION OF EMPLOYEE AND HOME ELIGIBILITY
Employer (Company) Name: ________________________________________________________________________________________
Property Address To Be Purchased: __________________________________________________________________________________
I hereby verify that: ________________________________________________________________________________(Employee Name)
A. The above-named employee meets the employer eligibility requirements for the LNYW Program;
B. The home to be purchased by the employee is within the employer’s LNYW area; and
C. The above-named employer will provide a grant of $__________________
________________________________________________________________ ________________________________________
Authorized Signature of Employer Date
________________________________________________________________________________________________________________
Print Name/Title
________________________________________________________________________________________________________________
Employer Contact Information
NOTE
The employee is responsible for obtaining funds from the employer and having those funds available at settlement unless
other arrangements are made by the employer. Funds may be taxable, if so, please indicate ____________________.
(not required for State of MD employees)
Oce of Homeownership 410-396-4159 (LNYW) or 410-396-3124 (General Information)
Review Baltimore Housing policies and obtain additional
information from VacantstoValue.org. Find out more
about LNYW other city homebuying incentives at
LiveBaltimore.com.
©2018
click to sign
signature
click to edit
Part 2 of 5: THIS SECTION TO BE COMPLETED BY EMPLOYEE.
EMPLOYEE/PURCHASE INFORMATION
Name (Employee/Applicant): ______________________________________________________________________________________
Co-buyer Name: _________________________________________________________________________________________________
Present Address: ________________________________________________________________________________________________
City: _______________________________________________ State: __________________________ Zip Code: __________________
Work Phone: _________________________________________ Other Phone: _______________________________________________
Email Address: __________________________________________________________________________________________________
Address of Purchase Property: _____________________________________________________________________________________
City: Baltimore State: Maryland Zip Code: __________________
Lender: ________________________________________________________________________________________________________
Lender Contact Person: ___________________________________________________________________________________________
Lender Phone: __________________________________________________________________________________________________
Lender Email Address: ____________________________________________________________________________________________
Title Company: __________________________________________________________________________________________________
Title Company Contact Person: _____________________________________________________________________________________
Title Company Phone: ____________________________________________________________________________________________
Title Company Email Address: ______________________________________________________________________________________
Title Company Address: ___________________________________________________________________________________________
NOTE: The Title Company name will appear on the check. The Title Company must arrange courier services when the check is available
for settlement. Any changes to the name of the title company and settlement date must be reported immediately.
Settlement Date: ________________________________________________________________________________________________
Other Incentive Funds Applied For: _________________________________________________________________________________
Oce of Homeownership 410-396-4159 (LNYW) or 410-396-3124 (General Information)
Review Baltimore Housing policies and obtain additional
information from VacantstoValue.org. Find out more
about LNYW other city homebuying incentives at
LiveBaltimore.com.
©2018
Part 3 of 5: THIS SECTION TO BE COMPLETED BY EMPLOYEE.
SUBMISSION INSTRUCTIONS
Oce of Homeownership 410-396-4159 (LNYW) or 410-396-3124 (General Information)
Review Baltimore Housing policies and obtain additional
information from VacantstoValue.org. Find out more
about LNYW other city homebuying incentives at
LiveBaltimore.com.
©2018
Department of Housing and Community Development
Oce of Homeownership
Daibeth Saunders
417 E. Fayette St., Suite 1125
Baltimore, MD 21202
E-MAIL to:
daibeth.saunders@baltimorecity.gov
OR
PLEASE SUBMIT YOUR COMPLETED APPLICATION PACKAGE TO:
o BALTIMORE CITY LIVE NEAR YOUR WORK APPLICATION
Return the completed LNYW application (in this packet). Applications must be executed by employer and employee.
o
HOMEOWNERSHIP COUNSELING CERTIFICATE (General workshop and one-on-one session must be indicated)
Homeownership Counseling Certicates must be dated prior to the date you sign your contract of sale. There are no
exceptions to this policy. A list of Baltimore City Approved Homeownership Counseling Agencies appears as the last page
of this packet.
o
PROOF Of $1,000 EMPLOYEE INVESTMENT
Proof may be presented in the form of cancelled checks and/or paid receipts evidencing one or a combination of the
following: deposit on the contract of sale, property appraisal, home inspection fees, hazard insurance policy.
o
CONTRACT OF SALE EXECUTED BY BOTH PARTIES
o SIGNED MORTGAGE LOAN APPLICATION (1003) (from your mortgage lender)
o
LOAN ESTIMATE (from your mortgage lender)
o FINAL MORTGAGE LOAN COMMITMENT LETTER (must be executed by the borrower and lender)
For State of Maryland Employees ONLY
ITEMS REQUIRED FOR SUBMISSION CHECKLIST
o State of Maryland paystub
o Evidence of CDA-MMP nancing
Part 4 of 5: THIS SECTION TO BE COMPLETED BY EMPLOYEE.
TERMS & CONDITIONS
1. Your employer must be approved as a participating employer with Baltimore City and determine that you and your property
under contract are eligible for a LNYW grant.
2. The LNYW grant may only be used for the settlement/down payment costs incurred in connection with purchasing an eligible
residence, there is no cash back to the borrower.
3. Homeownership counseling is mandatory for all participants applying for funding through the DHCD Oce of Homeownership,
prior to signing the contract of sale. The date of the housing counseling certicate must precede the date of the execution of the
contract of sale. There are no exceptions to this policy requirement.
4. A home inspection is also recommended and may be required by the mortgage being obtained by you, the borrower.
5. The lender must be a federally insured lending institution or approved government lender; no cash sales, co-signers, or seller
take-back nancing is permitted; the mortgage product must be xed rate and cannot exceed the maximum FHA limit which is
currently $517,500 (subject to change, please check with your lender).
6. The Oce of Homeownership will coordinate with all parties to achieve completion of the application including the lender and
the title company for loan settlement. However, as a participant of the LNYW program, it is the borrower’s ultimate responsibility
to make sure that documents reach this oce at least 20 days prior to settlement and that the employer’s portion of funds is
available for settlement.
7. This is an application and does not guarantee that you will receive a LNYW grant. Reservation of LNYW grant funds for your nal
approval for a LNYW grant and disbursement of funds is contingent upon the receipt of the documents required by the Oce of
Home Ownership. (The employer portion of the LNYW grant may be considered taxable income. Check with your employer).
8. Funds are available on a rst-come, rst-served basis. Financing is subject to availability at the time of submission and cannot be
guaranteed.
OFFICE OF HOMEOWNERSHIP LNYW EMPLOYEE APPLICATION BY THIS APPLICATION, I AGREE AND CERTIFY AS FOLLOWS:
• I am employed by a participating LNYW employer.
• I have read the oce’s policies and conditions for nancing stated above in this application.
• I have completed the homeownership counseling prior to executing a contract of sale to purchase an eligible residence located in my
employer’s LNYW area.
• I will provide at least a $1,000 cash contribution toward my down payment and/or closing costs.
• I will hold title to this eligible residence.
• I will reside in the home purchased as my primary residence.
• I will inform the employer and the city of any changes to the name of the title company to be named on the check; if settlement does
not occur by the determined date and if settlement does not occur resulting in cancellation of the request for incentive funds
________________________________________________________________________________________________
Signature of Employee & Date
Oce of Homeownership 410-396-4159 (LNYW) or 410-396-3124 (General Information)
Review Baltimore Housing policies and obtain additional
information from VacantstoValue.org. Find out more
about LNYW other city homebuying incentives at
LiveBaltimore.com.
©2018
click to sign
signature
click to edit
BUYER’S INFORMATION
Age: _____________________________________________
Sex: ______________________________________________
Race (specify using code below or write other): ___________
1. American Indian or Alaska Native
2. Asian
3. Black/African American
4. Caucasian (non-Hispanic)
5. Caucasian AND Native Hawaiian or Alaska Native
6. Asian AND Caucasian
7. Black/African American AND Caucasian
8. Black/African American AND
American Indian or Alaska Native
9. Hispanic or Latino
Other: ____________________________________________
o I am new to Baltimore City.
o I was a Baltimore City resident prior to my purchase.
o I am a rst time homebuyer.
o I have previously owned a home.
o Household size __________________________________
CO-BUYER’S INFORMATION
Age: _____________________________________________
Sex: ______________________________________________
National Origin: ____________________________________
Race (specify using code below or write other): ___________
1. American Indian or Alaska Native
2. Asian
3. Black/African American
4. Caucasian (non-Hispanic)
5. Caucasian AND Native Hawaiian or Alaska Native
6. Asian AND Caucasian
7. Black/African American AND Caucasian
8. Black/African American AND
American Indian or Alaska Native
9. Hispanic or Latino
Other: ____________________________________________
o I am new to Baltimore City.
o I was a Baltimore City resident prior to my purchase.
o I am a rst time homebuyer.
o I have previously owned a home.
Part 5 of 5: THIS SECTION TO BE COMPLETED BY EMPLOYEE.
DEMOGRAPHIC AFFIDAVIT
NOTE: Information on household income is requested by Baltimore Housing and Community Development (DHCD) for
statistical purposes only. The applicant’s household income does not aect eligibility for a LNYW grant. Information provided
in LNYW employee application is treated as condential by DHCD. As part of the City’s Homeownership Program, certain
demographic information is collected in order to assess the program, and for certain homeownership incentives, to
meet federal/state disclosure requirements.
Total Annual Employee Income: $ ___________________________________________________________________________________
Total Annual Household Income: $ ___________________________________________________________________________________
Oce of Homeownership 410-396-4159 (LNYW) or 410-396-3124 (General Information)
Review Baltimore Housing policies and obtain additional
information from VacantstoValue.org. Find out more
about LNYW other city homebuying incentives at
LiveBaltimore.com.
©2018
OFFICE OF HOMEOWNERSHIP LNYW EMPLOYEE APPLICATION 8 of 8
Baltimore City Approved
Homeownership
Counseling Agencies
PLEASE NOTE:
Homeownership Counseling by a
Baltimore City Approved Agency
is mandatory for all LNYW
applicants, prior to signing a
contract of sale.
Park Heights Renaissance, Inc.
3939 Reisterstown Road, Suite 268
Baltimore, MD 21215
Phone: 410-664-4890
Fax: 410-664-4893
www.boldnewheights.org
Southeast Community Development Corporation
3323 Eastern Avenue, Suite 200
Baltimore, MD 21224
Phone: 410-342-3234
Fax: 410-342-1719
www.southeastcdc.org
St. Ambrose Housing Aid Center
321 E. 25th Street
Baltimore, MD 21218
Phone: 410-235-5770
Fax: 410-366-8795
www.stambros.org
Comprehensive Housing Assistance, Inc. (CHAI)
5809 Park Heights Avenue
Baltimore, MD 21215
Phone: 410-500-5300
www.chaibaltimore.org/
Guidewell Financial Solutions
757 Frederick Road
Baltimore, MD 21228
Phone: 1-800-642-2227
Fax: 410-869-8828
www.guidewellfs.org/housing
HomeFree-USA
765 Washington Boulevard
Baltimore, MD 21230
Phone: 410-878-1405
www.homefreeusa.org/
For more information on the
Homeownership Counseling process,
visit
www.livebaltimore.com/buying-renting/homeownership-
counseling/
Belair-Edison Neighborhoods, Inc.
3545 Belair Road
Baltimore, MD 21213
Phone: 410-485-8422
Fax: 410-485-0728
www.belair-edison.org
The Development Corporation of Northwest Baltimore
3521 W. Belvedere Avenue
Baltimore, MD 21215
Phone: 410-578-7190
Fax: 410-578-7193
www.thedevelopmentcorporation.org
Druid Heights Community Development Corporation
2140 McCulloh Street
Baltimore, MD 21217
Phone: 410-523-1350
Fax: 410-523-1374
www.druidheights.com
Garwyn Oaks (GO) Northwest Housing Resource Center
2300 Garrison Boulevard, Suite 270
Baltimore, MD 21216
Phone: 410-947-0084
Fax: 410-947-0087
www.go-northwesthrc.org
Harbel Housing Partnership
5807 Harford Road
Baltimore, MD 21214
Phone: 410-444-9152
Fax: 410-444-9181
www.harbel.org/HousingPartnership.html
Neighborhood Housing Services of Baltimore, Inc.
25 E. 20th Street, Suite 170
Baltimore, MD 21218
Phone: 410-327-1200
Fax: 410-675-1855
www.nhsbaltimore.org
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LNYW Employee App 2018 FORM (University of Baltimore)

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Completed 24 July 2020

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