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We are doing everything in our power to create home owners
and to protect the family home and to preserve neighborhoods.
And part of that effort is to roll out the red carpet for BRAC.
I'm proud to announce today that the Maryland Mortgage Program
is setting aside $100 Million for funds, for mortgage funds
for home purchasing in BRAC impacted jurisdictions.
[applause] Audience: Woo hoo, alright, yeah!
This program is supported by President Obama's
New Issue Bond Program, which provides housing finance agencies,
like DHCD, access to long-term capital through the U.S. Treasury.
In addition, we are announcing that we have lowered
mortgage rate to 4.5% across the State, a historically low rate.
Our interest rate is now on par
[applause]
Our interest rate is now on par with National interest rates
making this one of the best times to buy a home in Maryland.
And it couldn't come at a better time,
BRAC is here, jobs are already arriving
at Aberdeen Proving Ground and Ft. Mead,
construction is well under way at Bethesda and Andrews,
and opportunities are coming to life at Ft. Detrick
along the I-270 corridor.
The $100 Million initiative will create as many as
625 loans in the counties across Maryland
most impacted by BRAC, but this is not a BRAC only program,
this is a Maryland program. It will increase home sales
by lowering the number of housing vacancies,
it will eliminate uncertainty in interest rates
by guarantying $100 Million at 4.5%,
again a historically low rate.
And it will help bolster our real estate economy,
the title companies, the real estate agents,
the home inspectors.
BRAC presents an incredible opportunity
for the State of Maryland.
We are going to create 60,000 new jobs
between now and the year 2015
and we'll welcome 28,000 new households to Maryland.
New neighbors, new friends, new Marylanders.