Baltimore has joined the list of jurisdictions that have applied for a federal-funded rescue grant to provide impetus to its real state and housing industry and provide relief to foreclosure-ravaged neighborhoods. An application for a $4.4 million grant has been unanimously approved by the Baltimore County Council recently which is expected to provide relief to neighborhoods that have been affected by the home foreclosure crisis. Nearly $27 million was recently infused to Maryland’s coffers to help attract buyers to communities with high rates of foreclosures.

The funds, which will be distributed through the Neighborhood Conservation Initiative, will provide up to $50,000 for every potential buyer who would apply for a second mortgage loan. Buyers however have to prove that they intend to live in the purchase home and that they have good credit. Baltimore County office of Community Conservation director Mary Harvey, who introduced the said resolution, said the infusion of new funds for Baltimore is good news for the neighborhood. A ruling on the application is expected within two weeks.