Loan Program

RENEW Howard oversees a $20 million private loan fund and provides special, below-market loans to prospective homebuyers in Howard County to encourage investment and standard-setting renovation. RENEW Howard provides innovative loans to eligible borrowers.

  • For homeowners who agree to make improvements to the property in conjunction with the purchase, funding with this initial loan pool should be available for between 30 and 40 properties in Howard County
  • The $20 million bank fund loan pool with a $2 million loan guaranty which is funded by Howard County’s Department of Housing and Community Development and held by the Real Estate Charitable Foundation of Maryland, a supporting organization of the Community Foundation of Howard County.
  • NO PRIVATE MORTGAGE INSURANCE WILL BE REQUIRED FOR THE LOANS!
  • The permanent interest rate will be Fannie Mae conventional 30-year fixed rate minus 1%.

The Real Estate Charitable Foundation of Maryland, Inc. is a 501(c)(3) supporting organization of the Community Foundation of Howard County, Inc., and was selected by the Department of Housing for Howard County, to hold and invest the $2 million guarantee fund and to promote and administer the RENEW Program for so long as funds under the program are available.