KabirCares.org

New Neighbors Grant Program

College Park New Neighbor Program

College Park New Neighbor Program

City staff has put together this attached College Park New Neighbor Program – August 2014 to highlight the grant program and current listings that fit the guidelines. Staff plan on distributing the information to the real estate agent community and other contacts on a quarterly basis to promote awareness of the program and increase interest in the transformation of rentals and foreclosures into owner-occupied properties.

The City of College Park’s New Neighbor Homeownership Grant Program is designed to increase the number of owneroccupied homes in the community.

On a first-come, first-served basis, buyers of eligible homes receive $5,000 in down payment or closing cost assistance. Funds are provided at settlement for use toward purchase of the property and these funds may be combined with other federal, state, and local homeownership assistance programs.

Eligibility Criteria
Anyone purchasing a single-family home that was previously rented for a minimum of two years. Anyone purchasing a single-family home or condominium unit that is in foreclosure or short sale status. In addition, certain police officers, emergency medical technicians, career firefighters, and bonafide volunteer firefighters who can provide certification from their department are eligible for the purchase of any single-family home or condominium unit, regardless of its status.

Requirements & Application Info
Buyers must agree to live in the home for a minimum of five years. If the property is sold during this period, a pro-rated share of the grant is due to the City. If the property ceases to be owneroccupied in that period, the entire grant amount is due to the City. More information and the grant application is available at: collegeparkmd.gov/newneighbor For general information on living in College Park please visit: collegeparkmd.gov/livesmart

Related Posts Plugin for WordPress, Blogger...
(Visited 11 times, 1 visits today)

Comments are closed.