Homeownership Program – Benefits of Living in College Park
One of the most successful programs the College Park City-University Partnership has is the Homeownership Program. The Homeownership Program is a $15,000 down payment and closing cost assistance program towards a home in the City limits of College Park, structured as a 10-year, zero-interest, forgivable loan. Full-time, benefits-eligible University of Maryland and full-time City of College Park employees are eligible for this program. The Program is funded by the Maryland Department of Housing and Community Development, the University of Maryland and the City of College Park. In this article, we celebrate the milestone of 80 successful home purchases via the Homeownership Program and reflect on the unique atmosphere and amenities that make College Park an amazing place to live.
In the summer of 2023, the Partnership’s Homeownership reached a milestone of 80 participants. Though we at the Partnership know College Park is a great place to live, welcoming new homebuyers to our community gives us the unique opportunity to see the City from new (and perhaps up to date) perspectives. As families as they move in their move to a first home in College Park through the Program, we ask each – “Why College Park?” With 80 unique and diverse responses, we can summarize it in three predominant responses:’ a shorter commute to and from work, a stronger connection to a sense of place, and the ability to take advantage of some of the excellent amenities in the City of College Park.
The City of College Park is home to some amazing amenities one can imagine having access to: a top research university, the world’s oldest continuously operating airport and accompanying aviation museum, miles of bike trails, dozens of public parks, historic and quiet neighborhoods, an ice rink, performing arts venues, a world-famous tennis center , two metro stations, regional transit, a diverse array of restaurants, childcare and preschool opportunities, and more.
A short commute is one of the key aspects for people using the program. Living close to work and working close to home provides people with more flexibility overall, less money spent on gas, a better work-life balance, potentially a healthier way to get to work, and more. If we assume it takes about 30 minutes each way to get to work, you’re looking at an hour per day, 5 hours per week and 260 hours per year. Living close to work and working close to home is a great way to reclaim time, as has been demonstrated during the past few years across the country.
The City of College Park and the University of Maryland are linked. The flagship branch pf the University of Maryland campus with its 40,000+ students run through a central swath of the City, which sits squarely in the growing Washington a major Metropolitan area. College Park maintains a real sense of place. Its unique combination of streetscapes, vibrant commercial sectors and abundant green spaces all lying just down the street from any home makes everywhere in the City feel like steps away from all exciting things. More importantly, College Park is a warm, historic, and inviting community with 17 neighborhoods to explore just a couple of minutes from campus. There is a variety in each neighborhood between people who have lived there for a long time to people who are first time residents. Many homeowners participate in community events like Friday Night Live, Beekeeping Workshops, Science on Tap, or a Night at the Movies. In addition, College Park residents have easy access to world class entertainment, collegiate sports, and events on campus. College Park is a dynamic and exciting place to live. Learn more about the City’s neighborhoods HERE, and learn more about the Homeownership Program HERE.