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The Base Realignment and Closure process is an exercise by the federal government to determine the best use of its military installations. This includes both the closure and realignment of assets in an effort to increase efficiency within the Defense Department.
BRAC families get mortgage help in Md.
Thursday - 7/8/2010, 2:28pm EDT
Federal News Radio
Maryland is expanding its Mortgage Program which will help those moving to the state due to the Base Realignment and Closure Plan.
The new initiative will provide $100 million in mortgage loans to homebuyers in the 10 jurisdictions within the state most impacted by BRAC. These include Anne Arundel, Baltimore, Carroll, Cecil, Frederick, Harford, Howard, Montgomery, and Prince George's counties, as well as the City of Baltimore.
The state estimates it will be able to provide 625 mortgages at $160,000/each under the initiative.
In addition, Maryland will also lower its Mortgage Program interest rates to 4.5 percent from 4.75 percent. The new rate is available throughout the state, meaning homebuyers do not have to be purchasing in BRAC-designated jurisdictions to take advantage of it.
"For families relocating to Maryland due to BRAC, a real concern for them is finding a new home, a new neighborhood to raise their kids in, and we want to provide them with the necessary tools and programs to make informed decisions concerning their move," Maryland Lt. Governor Anthony Brown said in a press release.
While the state is targeting BRAC-impacted homebuyers, mortgages under the initiative are open to anyone buying a home in one of the 10 jurisdictions.
BRAC is expected to create as many as 60,000 permanent jobs in Maryland by 2015. Some of the biggest installations in Maryland affected by BRAC include Aberdeen Proving Ground, Fort Meade, National Naval Medical Center, Andrews Air Force Base and Fort Detrick.
Interested homebuyers can find more information about the Maryland Mortgage Program on the state's website.
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