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. Before financing your home, it would be advisable to learn information like mortgage rates.
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. Auckland mortgage brokers help homebuyers secure a good mortgage loan.
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.