Hagerstown programs offer incentives for home ownership, housing assistance

HAGERSTOWN, Md. (DC News Now) — In western Maryland, a new initiative is underway to try to bring affordable housing to the area.

The director of a city housing assistance program says prospective home buyers and tenants may experience frustrations trying to lock down their desired address.

There are security deposits, down payments and making that monthly mortgage or rent reliably.

Jorge Menchu runs The Home Store, a Hagerstown city program offering financial incentives, such a $7,500 down payments, to close a deal on a home sales contract.

“You’ve got low to moderate income households, folks working full-time but just can’t afford the median price of a home here in Hagerstown or even the first month’s security deposit. A lot of people are in that situation,” said Menchu.

Real estate professional Bob Speelman said the Hagerstown market is priced high while the housing inventory is low.

“I think renters are more challenged than buyers,” Speelman observed. “I think rents have gone up a lot. A lot of homes you could buy for what you would pay to rent that property.”

City officials are encouraged that creative financing programs have increased by about 40 percent over the past year.