CUMBERLAND, Md. — With a looming recession, high interest rates, and low hiring rates, housing has become a serious issue for many residents nationwide. The average rent price in the country is currently $1,739. The average 30-year-fixed interest rate for someone looking to purchase a home in the United States is currently 6.83%. This adds about $654 to one's mortgage for every $100,000.
So what do you do when you're faced with all those obstacles? You pack up and head to Cumberland, Maryland. You may be asking yourself, "why would I want to head all the way over there?"
The answer is simple, they're paying people to move there.
The city of Cumberland has launched a relocation program that offers people $20,000 to move to the city. The relocation package includes: $10,000 in relocation cash and an additional $10,000 for approved renovations on an existing home, or for a down payment on a newly-built home within city limits.
According to the terms and conditions, the initial $10,000 relocation cash will be payable at closing or upon proof of closing. The remaining $10,000 for renovations or down payment is a "dollar-for-dollar match" and will be paid "after completion of the renovation and submission of contractor invoices". If the money is being used towards a down payment then it will be paid at closing.
If one decides to use the money towards fixing up an existing home, only the renovations listed on a pre-approved list will be covered under the $10,000. To find the list of approved renovations, click here.
Anyone who wishes to apply for this relocation program must move within six months of being notified that they were selected for the program. Also, recipients of this grant are responsible for any taxes that are associated with the payment.
Only one application is allowed per person. Applicants will be notified via email that they have been selected and must complete a virtual interview with program officials.
To apply for the program click here.
