As part of College Park’s ongoing efforts to support residents and foster community growth, several homebuyer programs have been established to make homeownership more accessible and affordable. These programs are designed to encourage families and individuals to set down roots in our city while strengthening our neighborhoods. Below, we explore three programs designed to help make the dream of homeownership a reality in College Park.

1. City of College Park New Neighbor Homeownership Grant Program

The New Neighbor Homeownership Grant Program is a city initiative offering $5,000 in down payment or closing cost assistance. This program is targeted toward revitalizing neighborhoods by converting rental properties into owner-occupied homes and supporting the purchase of short sale or foreclosed properties. Additionally, this grant is available to purchasers of newly constructed detached single-family homes and specific eligible professionals.

Key Details:

  • Eligibility:
    • Buyers of single-family homes rented for at least two years.
    • Buyers of homes under foreclosure or short sale status.
    • Buyers of newly constructed detached single-family homes.
    • City employees, police officers, firefighters, emergency medical technicians (EMTs), and bona fide members of volunteer fire departments purchasing any home in the city.
  • Conditions:
    • The purchased property must serve as the primary residence for at least five years.
    • Grant recipients must sign a Declaration of Covenants and Conditional Repayment Agreement and maintain appropriate homeowner’s insurance.
    • The grant may be taxable income; applicants are encouraged to consult a tax advisor.
  • Application Process:
    • Complete the grant application, submit the required documentation, and provide proof of eligibility at least two weeks before the settlement date.

For more details or to apply, contact Theresheia Williams at (240) 487-3538 or email twilliams@collegeparkmd.gov. More here.

2. Live and Work Program

The Live and Work Program, offered by the College Park City-University Partnership, provides up to $15,000 in forgivable loans to University of Maryland (UMD) and City of College Park employees to encourage homeownership within the city.

Key Details:

  • Eligibility:
    • Full-time, benefits-eligible employees of UMD or the City of College Park.
    • Buyers must use the purchased property as their primary residence for at least 10 years to receive full loan forgiveness.
  • Loan Use:
    • Funds can be used for down payment or closing costs.
    • Loans are forgivable at a rate of 10% per year, provided the buyer resides in the home and meets program requirements.
  • Application Process:

This program not only promotes homeownership but also strengthens ties between the University of Maryland and the College Park community, fostering a deeper connection and commitment to the area.

3. Community Preservation Trust Program

The Community Preservation Trust Program, based on the land trust model, provides long-term affordability for homeowners while promoting community stability. By utilizing the shared equity model, the program allows buyers to purchase homes at significantly reduced prices, making homeownership more accessible for middle-income households.

Key Details:

  • How It Works:
    • The land trust retains ownership of the land, while the homebuyer purchases the home.
    • This structure reduces the upfront purchase price, as buyers are not paying for the land.
  • Shared Equity Model:
    • Homeowners agree to share a portion of the equity with the trust upon resale, ensuring the home remains affordable for future buyers.
  • Benefits:
    • Offers reduced costs for first-time buyers.
    • Preserves affordability for future generations.
    • Strengthens the community by encouraging long-term residency.

For more information about the Community Preservation Trust and how to apply, visit Community Preservation Trust.

Why Choose College Park?

With its exceptional schools, parks, community services, and a commitment to sustainable growth, College Park remains a desirable destination for homebuyers. These programs reflect the city’s dedication to building a vibrant and inclusive community.

Let’s work together to build a stronger, more connected College Park!