Statement by Eric C. Brown, Director - Prince George's County Department of Housing and Community Development on Maryland Mortgage Program Triple Play in Prince George's County and My HOME Funding II

For immediate release:
11/20/2014 12:00:00 AM

For more information, contact:
Alexis Revis Yeoman, DHCD Public Information Officer (301) 883-2760, aryeoman@co.pg.md.us

Today, the Maryland Department of Housing and Community Development (DHCD) and our agency, launched a partnership initiative called the “Maryland Mortgage Program Triple Play in Prince George's County.”  This new initiative, earmarked specifically for Prince George's County, offers homebuyers $100,000,000 million in mortgage financing with incentives that are tough to beat anywhere in the Washington metropolitan region.  Here’s how the initiative works:

When eligible Maryland Mortgage Program (MMP) borrowers purchase in Prince George's County, they could receive up to $20,000 in down payment and closing cost assistance.  Ten thousand dollars will come from the State of Maryland as a zero interest loan that must be paid back when the buyer sells or transfers the property however the buyer is eligible for an additional $10,000 in the form a grant if they purchase a property within 14 targeted zip codes in Prince George's County.  These zip codes are areas where some of the highest foreclosure rates are occurring in the County.  Additional incentives included in the “MMP Triple Play in Prince George's County” include:  a 0.25% discount on the interest rate of the standard MMP loan; and a tax credit for up to $2,000 annually on the homebuyer’s federal income taxes for the life of the loan.

The Prince George's County Department of Housing and Community Development, partnering with the State, is providing $6 million dollars for the down payment and closing cost grant.  These funds are from the Attorney Generals Mortgage Settlement and have been shifted from our My HOME II program to make this initiative more successful.  The Redevelopment Authority currently administers the My HOME II program and after December 15, 2014, the My HOME II money will not be available.  All approved loans that are currently in the pipeline to be funded using the My HOME II program will be honored.  The Redevelopment Authority will not accept any applications for My HOME II funding after December 15th.  The Redevelopment Authority will still administer the My HOME program and funding will still be in place for potential homebuyers wishing to use those funds.

Generally, the MMP is limited to first-time homebuyers however, this requirement will be waived if the borrower is purchasing in a targeted zip code and have sold their current home prior to closing on the new property.  Also, any homebuyer who has not owned a home in the last 3 years and an honorably discharged veteran who has not previously used the first-time homebuyer exemption, are eligible to participate in the MMP.

We look forward to continuing to work with our lender and realtor partners to put home ownership within reach of many more homebuyers utilizing these incredible financial incentives.  I encourage you to visit the MMP website for additional information on the MMP Triple Play in Prince George's County at:  mmp.maryland.gov

Sincerely,

Eric C. Brown, Director

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