In 2007 the Maryland General Assembly voted to create a loan program so that homeowners could buy out their ground rent.   The loans are available at 0% interest, but property owners must meet income requirements.  Home owner’s income cannot exceed 80% of the statewide median income, which is currently: 1 person – $44,296; 2 persons – $50,624; 3 persons – $56,952; 4 persons – $63,280.

If you are not familiar with it, “ground rent” is what is paid on a “ground lease.”  Home owners own their property, but technically, someone else owns the land, though the ground lease owners rights to the land are very restricted.  A usually small  monthly ground rent is then paid to the ground lease owner.  It is most prevalent in Baltimore City, though you can find ground rent in the surrounding counties.  While there are ground rents outside of Maryland, they are one of those peculiarities that make Baltimore so unique.  There is a great little article as to the history of ground rent on wikipedia: http://en.wikipedia.org/wiki/Ground_rent

Interested in applying for this program?  Get an application here: http://mdhousing.org/Website/programs/GRRLP/Index.aspx