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Like many homebuying incentives, the Live Near Your Work (LNYW) program is a complex benefit. Please review all of the eligibility requirements and program parameters to fully understand how you can take advantage of this incentive.
University of Maryland, Baltimore (UMB) employees can get $18,500 toward a down payment and closing costs — $16,000 from UMB and $2,500 from the city of Baltimore.
In the past, employees could get a total of $5,000 through the program instead of $18,500. The new program also targets a smaller set of neighborhoods and has been formed in collaboration with partners from the community, city, state, and local nonprofits. Overall, the improved program has greater opportunities available for UMB employees and the community at large.
Regular full- or part-time (50 percent FTE or more) faculty or staff employees of UMB in good standing and considered creditworthy. Employees also will need to complete a homeownership counseling program provided by a U.S. Housing and Urban Development-certified housing counselor before signing a contract for sale. Learn more about our eligibility requirements.
The Baltimore City LNYW program requires a homeownership counseling certificate to be eligible for its funds. UMB chose to require a similar mandate because the program eligibility and parameters are similar. Learn more about how to access homeownership counseling.
Employees are required to contribute a minimum homeowner down payment of $1,000.
Employees do not have to be first-time homebuyers to qualify for the program.
No. However, there are other programs available through the city of Baltimore and the state of Maryland that underwrite home renovations.
Housing inventory varies. Prospective homebuyers are encouraged to research listings and contact real estate agents familiar with the neighborhoods.
There are always improvements planned for each of the neighborhoods. Southwest Partnership is working with homeowner associations to develop new assets (e.g., schools, programs, community centers) in an effort to attract and retain homeowners. For more information, contact Southwest Partnership.
Yes. Employees will be taxed 20 percent of the $16,000 for each year they reside in the home up through the five-year requirement. The taxes will be reported as income via a 1099 form at the end of the year to the employee. If an employee does not reside in the home through the five-year requirement, the employee will be required to return 20 percent of the funds for each year they do not live in the property.
There are other grants and incentives that can be “stacked” or combined with the UMB Live Near Your Work Program. Other opportunities include House Keys 4 Employees, Vacants to Value, and more. Visit the Live Baltimore website for details.