The creation of the Maryland Housing Fund represents one of the first big victories for St. Ambrose in its early years.
“The picketing of the savings and loans was one of the best things we’ve done. It led to the creation of the Maryland Housing Fund. It was probably the most creative things we’ve done in our history. Joe Delclos and Frank Fischer joined us at that time in the mid 70s. We moved our office from York Road to our current location. Banks were nervous about making loans to our families because of the condition of our houses. Some of the houses needed roof and furnace repairs, which could be expensive for a family that didn’t have much money. We went to the Maryland Housing Fund and asked them if they would let us put a new roof and furnace on our houses and the would still insure the houses for the increased value. We got $100,000 from the Abell Foundation to start our home improvement department. With this we were able to help about 20 families.”
Today the fund still works to insure mortgage loans and assists State citizens to secure housing. The Fund uses a variety of innovative mortgage insurance programs to stimulate the flow of private investment capital into Maryland