Maryland Unveils Plan to Boost Homeownership

Maryland Unveils Plan to Boost Homeownership

November 21, 2014

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.”

Residential, Originations