New Home Buyers Can Now Have Easy Access to Two Home Owner Programs in College Park

Home ownership

Home ownership

At last Tuesday’s Council meeting, the City Council adopted a resolution to amend the City’s homeownership grant program so that qualified homebuyers can easily use both the City and the CPCUP programs, while still protecting the City in case of a violation of the terms. Currently, the City’s Homeownership Grant provides $5,000 to homebuyers of former rental or foreclosed properties and new single-family homes in the City, and to qualified public safety officers and City employees (for any home).

The College Park City-University Partnership (CPCUP) also created a homeownership program that provides a $15,000 forgivable loan to UMD employees and City employees who purchase a home in College Park. Each program places a lien on the property in case the homebuyer violates the terms of the loan. Coupling the City and the CPCUP programs for a qualified homebuyer has been difficult because homebuyers are not able to secure a mortgage with two additional liens (one from the City and one from CPCUP) on the home purchase

The Council also approved a resolution adopting a Memorandum of Understanding (MOU) between the City and the College Park City-University Partnership regarding the homeownership grant program.

Additionally, the Council approved a resolution to support CPCUP’s Community Legacy Application. The application seeks $250,000 in funding from the Maryland Department of Housing and Community Development to be used to fund CPCUP’s homeownership program. CPCUP’s homeownership program provides $15,000 towards purchase of a home in College Park to qualified applicants who work at the University or for the City of College.

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