Largo, MD --- 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 program helps hardworking,
credit-worthy people obtain the cash they need to get into a home,” says Eric
C. Brown, Director of the Prince George’s County Director of Housing and
Community Development. “It also helps stimulate the economy by creating
investment in our neighborhoods and generates transfer and recordation taxes
for much needed county services.”
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. Additional program guidelines can be found
at: http://redevelopment.mypgc.us and
click on Services.
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.
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.
See program guidelines at: http://redevelopment.mypgc.us
and click on Services. Both
homeownership programs are being managed by the Redevelopment Authority of
Prince George’s County. For more information about the My HOME Program, please call (301) 883-5456 or visit the county website at: http://redevelopment.mypgc.us and click on Services.