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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.
No. Neither UMB undergraduate nor graduate students qualify for the LNYW Program.
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 W-2 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.
Employees who separate from UMB during the five-year pay-back period of LNYW can expect the following:
- After the departure date, the employee is no longer on the UMB payroll. Withholdings on the taxable benefit cannot continue after the final paycheck. The annual taxable amount ($3,200) will be captured in the year-end W-2. The employee will need to account for whatever withholdings are NOT taken from their pay when they file their tax return at the end of the year.
- For every subsequent year up through Year Five after UMB separation, the employee will receive a 1099 noting the $3,200 taxable benefit. Withholdings will not occur, again, because the employee is no longer on the UMB payroll (W-2 is given through employer to the employee; 1099 given when the individual is not employed by entity taxing them).
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.