Housing and Community Development

Prince George's County, Maryland

DHCD Opens My HOME Homeownership Program with $8 Million Dollars

For Immediate Release: 10/10/2013 12:00 AM

Contact: Alexis Revis Yeoman, Public Information, 301-883-2760

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 a county homeownership assistance program. See program guidelines at: http://redevelopment.mypgc.us and click on Services. The program is 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.