The Maryland Institute College of Art has teamed with Baltimore City to offer grants for down payment and/or closing costs to eligible employees who choose to purchase homes in designated neighborhoods. If you meet the eligibility requirements, you may qualify for a $2,000 ($1,000 from the city and $1,000 from MICA) cash incentive grant that is paid at the time of settlement.
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Down payment and settlement costs are one of the biggest barriers to homeownership, especially for first-time home buyers.
Who can apply?
The program is open to all full-time, benefit-eligible employees. There are no minimum years of service required.
How do I apply?
Please contact the Human Resources Office at 410-225-2363 prior to beginning the house search process.
LNYW Eligibility and Conditions:
To be eligible for a LNYW Grant the applicant must be:
- Full-time, benefits-eligible employee of the Maryland Institute College of Art.
- Purchase a home in a LNYW Program target area (see map).
- Obtain a signed certificate documenting the completion of the Home Ownership counseling program prior to signing contract of sale.
- Agree to repay funds received from MICA in full if an employee leaves the college within 2 years of receiving LNYW payment.
- Agree to provide at least a $1,000 cash contribution toward the down payment and/or closing costs.
- Grants will not be rewarded retroactively.
The following conditions apply to grants awarded on or after October 1, 2012:
- Grants are available on a first-come first-serve basis; the Program may be discontinued at any time.
- Grants are provided at the discretion of MICA and Baltimore City.
- An application for a LNYW Program grant does not guarantee that a grant will be received.
- Grants are available only for homes purchased by MICA's designated area of the city.
- Grant money may only be used for a down payment and closing costs at settlement for the purchase of an eligible residence; one grant per eligible address; one grant per employee.