A joint program presented by the College Park Housing Authority and the College Park City-University Partnership has raised $1 million dollars for the WORK & LIVE COLLEGE PARK program. The program offers up to $35,000 towards the purchase of a home in the City of College Park. Whats the catch? Find out after the break.
Actually there are several requirements to be eligible for the $35k (or up to 10% of the purchase price) all of which are spelled out on the City Website. [flickr size=”small” float=”right”]377681720[/flickr]
- The money is actually a forgivable 0% interest rate loan.
- The longer you live in the home the less you have to pay back. Stay for 10 years and you pay none of it back. 9 years then pay 10% back, 5 years then pay 50% back. You get the idea.
- Buyer must front at least $2000 of their own towards the house.
- The home Must be your primary residence
- You must work at least 20 hours per week for an employer in College Park (including M Square).
- Must make less than 120% of Area Median Income, adjusted for family size. $123k for a family of 4.
- Must attend a 8-hour counseling class provided by a HUD.
- The Property must be a foreclosed home in the 20740 zip code. A list of qualifying homes are provided after completing the counseling course.
- Buyer must be a regular reader of Rethink College Park.
Ok I made that last one up. Still this is an amazing program. Amy Neugebauer from the College Park City-University Partnership says 48 people have completed the homeownership counseling necessary for the program. The next one is full but starts Oct. 29th.
As someone who took advantage of the old “Live Near Your Work” program years ago I think it is fantastic to have incentives for folks who work here to shorten the commute and move into the city. This is just the type of “Rethinking” we need in College Park and $35,000 is real money.
For more information, please contact Regina Mitchell (College Park Housing Authority) and Amy Neugebauer (College Park City-University Partnership) at email@example.com or by phone at 301-345-3600.