How much money is available through the Live+Work Program?

Live+Work assistance is available at the levels below, provided applicants meet all other Program requirements:  

• Tier 1 ($20,000): Applicant qualifies for program, meets employment requirements.
• Tier 2 ($35,000): Applicant meets Program’s employment eligibility requirements and has a household income at or below 100% of the Median Family Income (MFI) for its household size

How is the loan structured?

Live+Work assistance is a zero-interest, seven-year forgivable loan. A separate recorded Declaration of Covenant placed on the property requires the home to remain owner-occupied for ten years.  

What happens if I want to move before the terms of the loan are complete? 

You are able to move at any time, but the Live+Work program requires that loan recipients notify the Partnership no less than 30 calendar days before the home is listed on the market.  

Those who move prior to the conclusion of the seven (7) year loan term maybe be subject to repayment. See Program Guidelines for full schedule.

What can Live+Work funds be used for? 

Funds may be used only for the down payment and closing costs towards the purchase of a home within the city limits of College Park (See Map). Funds cannot be paid directly to the applicant or used for expenses unrelated to the purchase. 

Are University of Maryland at College Park employees eligible? 

Yes! Employees of the University of Maryland may be eligible. Faculty or staff members must work full-time (35 hours or more) and report to an office physically located within College Park or the Discovery District to be eligible for our program.  

Do I have to work for the University of Maryland to be eligible? 

No! Applicants who work full-time (35 hours or more) report to an office physically located within College Park or the Discovery District may be eligible to receive Live+Work funding.  

I’m self-employed. Am I eligible? 

A self-employed applicant may also qualify if the applicant has a fixed business worksite in the eligible area and regularly works at least 35 hours per week at that location.  

Can Live+Work be combined with other down payment assistance programs? 

Likely, yes. The Live+Work Program may be combined with other compatible assistance programs. Please confirm with your mortgage lender. 

Note: Applicants must hold a first mortgage to use this program.  

How long will the Live+Work funding be available? 

Applicants should check the website for current funding availability. Live+Work funds are subject to availability. Funds are awarded on a first-come, first-served basis. Submission of an application does not guarantee approval or award of funding. Funds are reserved upon approval of an application by Partnership staff and execution of a formal loan commitment letter by an applicant. The Partnership may pause or discontinue the Program at any time with written notice on the website. 

How do I apply and reserve Live+Work funds?  

Submit application online at least three weeks before settlement. Allow at least three (3) weeks if requesting the Partnership, four (4) weeks if applying to the City of College Park’s New Neighbors Grant. Use the Application Roadmap as your guide from ‘Submit’ to ‘Closing’. 

Are there any fees associated with Live+Work College Park?

Yes, the Partnership requires a $100 program fee to be paid by applicants upon execution of the loan commitment letter, before closing. Funds will not be released until the program fee is paid in full.  

Am I allowed to pay in cash for my transaction? 

No. The Partnership requires a primary mortgage lender on every transaction, since the lender’s underwriting is how employment and income are verified. Applicants are required to hold a first mortgage.  

Am I allowed to use a family loan with this program? 

Possibly, a family loan cannot replace the required first mortgage from a qualified mortgage lender. Any family loan must be fully disclosed and approved by the first-mortgage lender.  

What is Household Income? 

Household income generally includes the anticipated income of the applicants and all other adults within the household who will use the property as their primary residence (not including renters/leasees). The Partnership calculates the results after reviewing the application and authorized lender documents. MFI limits are based on household size and are updated when the Department of Housing and Urban Development (HUD) publishes new limits – done on a yearly basis. See the current Program Guidelines for the income rules. Household is defined and shall be limited to spouses, domestic partners, parents, children, nieces, nephews, and grandchildren (including step- or foster or adopted).

My household income exceeds the Median Family Income (>100% MFI). Am I eligible for Live+Work? 

Yes, applicants who meet Tier 1 eligibility requirements may receive $20,000 towards downpayment or closing costs – no matter what they make. Please see ‘Employment Eligibility Requirements to confirm your eligibility.  

I’ve used Live+Work College Park/The Partnership’s Homeownership Program to purchase my current home in College Park. I’d like to relocate within College Park, can I use this program to purchase my new home?  

Those who have used Live+Work College Park or the Partnership’s Homeownership Program must wait two (2) years after all obligations under the prior award have been satisfied and no longer own a home in College Park before they may be eligible to use Live+Work College Park assistance.  To confirm your program status, please contact Zelshadai Solomon, Housing Program Manager at zsolomon@collegeparkpartnership.org.  

What documents will I sign at closing?

Each document you’ll need for closing will be sent to you from Partnership Staff. For a list of sample closing documents, see Program Guidelines.

My home will be my primary residence. Can I rent a room and be in compliance with Live+Work Program Guidelines?

Yes, you may rent a room to up to two (2) unrelated persons at any given time. You must maintain the property as your permanent residence and be in compliance with the City of College Park’s and other applicable codes and regulations.  

Can I refinance?

Refinancing may be permitted, but you must contact the Partnership before moving forward.

The Partnership will review the proposed refinance and determine whether:

• The Live+Work loan can remain in place;
• The Partnership can subordinate its lien to the new first mortgage; or
• Some or all of the Live+Work loan must be repaid.

Approval is not automatic. Do not complete a refinance or place another lien on the property without written approval from the Partnership.

If you received New Neighbors funding, the City of College Park may have separate approval, repayment, or subordination requirements. An approved refinance does not end or change the terms of the 10-year Declaration of Covenant.

Can I use Live+Work if I’m purchasing a property through the Partnership’s Community Preservation Trust?

Yes, if base eligibility criteria is met. The College Park Community Preservation Trust is a program of the Partnership. Trust applicants interested in using Live+Work in conjunction with the Trust should let a staff member know when they apply for an active listing. View our current listings here.