From what we’re hearing about the City’s new “Vacants to Values” program, property investors will not be welcome — in other words, this isn’t business as usual in Baltimore.
When Michael Guye, Director of the Office of Homeownership, was asked about the program and the involvement of investors, he offered this:
“The incentive money obtained by the purchaser under this Vacant to Value [sic] Program mandates that the borrower occupy this residence as their primary residence for at least 5 years. This program was not designed for investors and will not be utilized by investors. We understand the importance of building neighborhoods by encouraging home ownership.”
Hopefully Baltimore City will be better equipped than the State of Maryland to ferret out the program cheats — the regulation of homeownership is similar to that of the state Homestead Tax Credit, a program rife with fraud and lax enforcement.