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The Maryland Department of Housing and Community Development (DHCD) has launched the Maryland Mortgage Program TriplePlay Initiative, a $100 million endeavor designed to help stabilize neighborhoods by promoting homeownership in Prince George’s County, one of the state’s most financially-troubled areas.
The initiative is designed to help an estimated 500 families become homeowners. Under the initiative, families looking to buy a home in Prince George’s County through the Maryland Mortgage Program may be eligible for up to $20,000 of downpayment and closing cost assistance. They would also be eligible for a reduced Maryland Mortgage Program interest rate, and the state will waive its fee to receive the Maryland HomeCredit, which allows homebuyers to claim a federal income tax credit of up to $2,000 for as long as the Maryland Mortgage Program loan is outstanding. Furthermore, borrowers purchasing in one of 14 county ZIP codes can receive an additional $10,000 grant for a total of $20,000 of financial assistance.
The program is based on a partnership between the DHCD, the county government of Prince George’s County and the Office of the Attorney General.
“Today, we are helping more families secure more homes in a Maryland county that was among the most devastated by unscrupulous mortgage lenders,” said Attorney General Douglas F. Gansler. “With each mortgage-related settlement, our goal has always been to get as much relief and assistance to as many struggling Maryland families as possible. I congratulate Prince George’s County and DHCD for using this money to help more potential homeowners and stabilize the communities that need it the most.”