The Prince George’s County Department of Housing and Community Development (DHCD) announced today that the funding for its “My HOME” homeownership assistance program is now available and DHCD will be accepting applications effective October 7, 2013. For the next three years, over $8 million has been committed by the County from federal and state sources, the “My HOME” program will continue to support a key housing policy strategy of providing affordable homeownership for low, moderate and middle income households. The My HOME program is being managed by the Redevelopment Authority of Prince George’s County. Through the “My HOME” program, income eligible, first-time homebuyers can receive a deferred payment loan of up to 5 percent of the home’s purchase price for down payment and closing costs assistance. To minimize the risk of defaults, applicants must meet strict debt ratio requirements and make a minimum cash contribution to the transaction. To date, the “My HOME” Program has provided 288 loans to first-time homebuyers; and has generated over $1 million annually in transfer and recordation tax revenue. The “My HOME” Program is implemented by the Redevelopment Authority of Prince George’s County in partnership with over 50 participating lenders, realtors, and HUD approved housing counseling agencies. In June, the DHCD received the prestigious HAND Award for Best Government Housing Initiative from the Housing Association of Non-profit Developers. The “My HOME” Program is one of two county homeownership assistance programs. For buyers interested in purchasing homes in Suitland and parts of District Heights and Morningside, funding is still available through the Buy Suitland Program. For more information about the My HOME program, call (301) 883-7323 or visit the county website at: redevelopment.mypgc.us
Posted on: Mon, 07 Oct 2013 20:18:06 +0000
Recently Viewed Topics
© 2015