The College Park City-University Partnership announced today a new donation program to increase community support of its Homeownership Program. Donations will strengthen university community, support College Park Homeownership. A 50 percent tax credit may be available in addition to a federal charitable tax deduction. The funds raised will be used to supplement the Homeownership Program, which provides $15,000, zero-interest, forgivable loans for full-time, benefits-eligible University of Maryland employees and full-time City employees to make College Park their home.
October 27, 2016
CONTACT Eric Olson
240-416-3184 or Eolson@collegeparkpartnership.org
The Community Investment Tax Credit Program supports organizations like the Partnership by granting State tax credits to nonprofits which they, in turn, allocate to donors to encourage community investment in programs. Businesses and individuals may contribute money, goods or real property worth $500 or more and can receive a tax credit equal to half of the value of the donated money, goods or real property. The Partnership was awarded $20,000 in tax credits to provide to donors.
The City-University Partnership’s Homeownership Program is part of an effort to increase the number of University of Maryland and City of College Park employees living in the City as outlined in the University District Vision 2020. It provides $15,000, in forgivable loans, to full-time, benefits-eligible University and City employees to become homeowners in the City of College Park – ultimately reducing commutes, strengthening neighborhoods, and supporting our local economy.
“This program has been extremely successful,” said Eric Olson, executive director of the Partnership, “using our tax-credit award to increase community investment will have positive effects for years to come. People won’t just be contributing to the Partnership’s program, but investing in the growth of College Park into a more vibrant university community.”
“With more people living near work, we are building a stronger, more sustainable university community. Fewer people will commute to campus and more people can spend their time and economic resources in the College Park community,” said Carlo Colella, Vice President for Administration and Finance at the University of Maryland and Vice Chair of the Partnership.
“This is a great program,” said Sen. Jim Rosapepe and Partnership Board Chair, “this program and the support it has received from the City, University and State, exemplify what is possible when the community works together.”
This Homeownership Program is made possible through a Community Legacy grant from Maryland’s Department of Housing and Community Development and matching grants from the University of Maryland and City of College Park. The Tax-Credit Program is made possible by the Maryland Department of Housing and Community Development Community Investment Tax Credit Grant Program.
“College Park is a Smart Place to Live. Thanks to the City, University and State for continued support for this program,” said College Park Mayor Patrick Wojahn.
The College Park City-University Partnership is the nonprofit local development corporation sponsored by the City of College Park and the University of Maryland. CPCUP’s mission is to promote and support the economic welfare of College Park and the University of Maryland through activities including commercial revitalization, community development, and quality housing opportunities consistent with the interests of the City of College Park and the University of Maryland.