
H.O.M.E.S (Home-ownership, Opportunity, and Mentorship for Economic Success) is a coalition whose purpose is to increase home-ownership for Baltimore’s working-class families by creating opportunity, jobs for the community, and affordable housing stock that will foster strong mixed-income neighborhoods and increase the city’s tax base, thereby improving living conditions for all Baltimore City residents. We believe the the best way to achieve these goals is through The Dollar House/Dollar Lot Program for the 21st Century.
The Seven Principles of The Dollar House/Dollar Lot Program for the 21st Century
- One percent (1%) interest renovation loan, which then becomes the mortgage. Not to be confused with the dollar house program recently introduced by City Council President Nick Mosby, which is a grant program.
- Mortgage loan funding does not come from the bank—it comes from the state/city. Ultimately, the program costs nothing—as all funds are paid back to the city/state with (1%) one percent interest.
- Qualifications for home-ownership are based on the Veteran’s Administration streamlined model. Potential home buyers must have one year of employment or be retired and have one year of paying their rent or mortgage on time.
- Homeowners choose from a vetted pool of licensed minority contractors to work on the houses.
- Houses are renovated simultaneously—one block at a time—as we work our way up to renovating several blocks simultaneously.
- Jobs, jobs training, and apprenticeships for the chronically unemployed and underemployed (including ex-offenders) are included in the program.
- Minority contracting opportunities are available for small minority contractors who are normally shut out of the bidding process due to bids being bundled.