$35k Available for CP Home Buyers
October 14th, 2009 | by Clay Gump | Published in Housing | 3 Comments
[flickr]4013332858[/flickr]
A joint program presented by the College Park Housing Authority and the College Park City-University Partnership has raised $1 million dollars for the WORK & LIVE COLLEGE PARK program. The program offers up to $35,000 towards the purchase of a home in the City of College Park. Whats the catch? Find out after the break.
Actually there are several requirements to be eligible for the $35k (or up to 10% of the purchase price) all of which are spelled out on the City Website. [flickr size="small" float="right"]377681720[/flickr]
- The money is actually a forgivable 0% interest rate loan.
- The longer you live in the home the less you have to pay back. Stay for 10 years and you pay none of it back. 9 years then pay 10% back, 5 years then pay 50% back. You get the idea.
- Buyer must front at least $2000 of their own towards the house.
- The home Must be your primary residence
- You must work at least 20 hours per week for an employer in College Park (including M Square).
- Must make less than 120% of Area Median Income, adjusted for family size. $123k for a family of 4.
- Must attend a 8-hour counseling class provided by a HUD.
- The Property must be a foreclosed home in the 20740 zip code. A list of qualifying homes are provided after completing the counseling course.
- Buyer must be a regular reader of Rethink College Park.
Ok I made that last one up. Still this is an amazing program. Amy Neugebauer from the College Park City-University Partnership says 48 people have completed the homeownership counseling necessary for the program. The next one is full but starts Oct. 29th.
As someone who took advantage of the old “Live Near Your Work” program years ago I think it is fantastic to have incentives for folks who work here to shorten the commute and move into the city. This is just the type of “Rethinking” we need in College Park and $35,000 is real money.
For more information, please contact Regina Mitchell (College Park Housing Authority) and Amy Neugebauer (College Park City-University Partnership) at worklive@collegeparkmd.gov or by phone at 301-345-3600.
October 15th, 2009 at 11:17 am (#)
There’s not that many places in College Park to work for. That’s hiring at least. I would think there would have to be a vibrant job market first. Who’s hiring? And would they pay enough to pay a mortgage?
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October 15th, 2009 at 2:28 pm (#)
The University hires 100s of people a year, many at decent salaries. The grants are also available to “old” hires who wish to move closer to their jobs. The City made good use of the State’s Live Where you Work program when Glendening was Governor. The state then terminated the program for budget reasons. That program was only a $3,000 grant. Of course back then College Park houses could be purchased for $120,000 to $200,000.
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October 15th, 2009 at 6:41 pm (#)
To make College Park more of a true College Town I think all the stops should be pulled out to encourage University staff to live in town.
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