DRC gives new life to old homes
Wednesday, 28 November 2012 14:28

 


72 Kinship Road, a rare stucco detached home, was recently renovated by the DRC.

 

Refurbished homes for sale on Kinship, Shipway

by Nicole Rodman

    When former Dundalk residents Paul and Janet Fox decided to move out of their Kinship Road home a few years ago, they didn’t want to just sell the property and move on.
    Instead, the couple decided to use their move to help strengthen their community.
    Seeing the damage the recent economic downturn was having on the Dundalk Renaissance Corporation’s (DRC) housing program, they offered to sell their home to the DRC  at a reduced price.
    When all was said and done, the couple ended up donating $75,000 in appraised value of their home to the DRC.
    One of the few detached stucco homes in the “-ship street” neighborhood, the home has been renovated and is now ready for sale.
    The DRC housing program began as a suggestion from the Urban Design Assistance Team (UDAT).
    In 2001, UDAT was commissioned to develop a plan to revitalize Dundalk.
    One of UDAT’s suggestions was to attract new homebuyers to the area through financial incentive programs.
    Starting off with funds obtained through grant programs, the DRC began purchasing and renovating homes shortly before the housing crash of 2007.
    Though the economic downturn stalled the DRC  program for a while, houses continued to sell, albeit slowly.
    Since that time, DRC has renovated and sold houses on Cornwall and Broadship roads.
    Now, after years of work, two new DRC houses are on the market.
    The house at 72 Kinship Road is a three-bedroom, two-bathroom stucco detached home.
    Renovations included a new stainless steel kitchen with Energy Star appliances and granite counters.
    The home also features a finished basement, central air conditioning, a high-efficiency furnace, new windows, a garage and a fenced-in yard.
    The home is currently under contract to be sold for $201,000.
    The DRC’s other new home is located at 24 Shipway.
    The three-bedroom, 1.5 bath home features a sunroom and large modern kitchen with stainless steel Energy Star appliances.
    Renovations include high-efficiency furnace and central air conditioning and a finished basement.
    The home, not under contract and available for buyers, is being sold for $160,000.
    Both of the homes are eligible for “soft second mortgages.”
    According to DRC director Amy Menzer, a soft second mortgage is a loan reducing the cost of the home by $50,000 for eligible buyers.
    After 15 years, if the buyer still lives in the house, the loan becomes a grant and does not have to be repaid.
    If the buyer sells or refinances the house before that time, the $50,000 must be paid back on a pro-rated basis.
    In order to be eligible for the soft-second mortgage, interested buyers must earn up to 80 percent of the region’s median income.
    In addition, interested buyers must take a homeownership class before making an offer.
    Homeownership classes qualify participants for a number of buyer incentive programs across the county.
    For more information on available DRC homes and homebuyer incentive programs in Dundalk, contact Donna Bertoni at 443-980-4516 or visit the web at www.dundalkusa.org/pub/buy.