A $8.7 million state program aimed at helping low-income Marylanders refinance their mortgages is making significant progress in helping to keep the state’s jobless rates low.
State officials announced Tuesday that they had secured $6.3 million in loans through the Maryland Mortgage Assistance Program, or MAMP.
The program provides loans to help low- and moderate-income families with home equity loans, which are often the only option for many borrowers struggling to keep a roof over their heads.
It was launched in 2012 by the state, which had a mortgage-insurance program when the recession hit.
It’s been a major success story for the state program, with unemployment in Maryland’s cities down over 10% since the program was launched.
The program has helped more than 200,000 families refinance a home.
The jobless percentage for Maryland’s poorest residents is at the lowest level in a decade.
Maryland’s unemployment rate is at 6.9%, according to the state Department of Labor and Industry.
In Maryland, where the jobless number is below 8% and median household income is $53,000, there’s been an increase in the number of people applying for loans to refinance.
The state has also been working to attract and retain qualified borrowers to the program.
The governor said in a statement that the MAMP loan program will “help lift our struggling community back up to the level it once was.”
“As our economy recovers and more and more jobs are created, we will continue to look for ways to support the hardworking men and women who are keeping our state on a path to prosperity,” he said.