College Park, Maryland, is rapidly becoming one of the most desirable places to live in the region. Located at the heart of the Washington region and easily accessible to Baltimore, the city blends suburban charm with urban convenience. College Park’s transportation amenities add to its desirability, making it a highly sought-after place to live for young professionals, families and students. With the University of Maryland as its largest institutional anchor, College Park is a center of academic innovation, cultural vibrancy and economic growth. This is great news for College Park’s residents and homeowners. But it has also resulted in increasing housing costs, and affordability challenges for many.
College Park’s Housing Affordability Challenge
As demand for housing in College Park has surged, rental costs have remained high, making homeownership increasingly difficult for many. Investor have noticed, and neighborhood homes are often purchased for use as rentals to students and professionals. The rising number of rental properties in residential neighborhoods have led to concerns about neighborhood stability, community engagement, and long-term investment in the city. Long-time residents have expressed concern about the changing character of their communities. In response to these challenges, in 2015 the College Park City-University Partnership introduced the Homeownership Program (HOP), an initiative aimed at fostering homeownership and promoting neighborhood stability.
Taking Action to Catalyze Homeownership
Recognizing the importance of addressing housing and neighborhood goals articulated in the University-Community Vision 2030, the Partnership collaborated with the City and University to launch a program to support homeownership in College Park. With an emphasis on sustainability and inclusivity, the Partnership sought to ensure that College Park remained accessible to a broad and diverse community.
The Homeownership Program (HOP) played a crucial role in mitigating affordability barriers and encouraging homeownership among City of College Park and University of Maryland employees. By offering downpayment assistance and financial incentives, the program successfully attracted new homeowners to the area. From 2015 until its conclusion in 2024, the program provided over $1.3 million in forgivable loans, helping 83 households purchase homes. This effort led to over 300 new residents calling College Park home and contributed to $32.1 million in home sales, strengthening the local economy.
Evolving with the Market: Transitioning to Live+Work College Park
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Despite the program’s success, changing market conditions and evolving commuter patterns created new challenges that limited participation in HOP. Recognizing the need for a more flexible and inclusive initiative, the Partnership ended the HOP program and launched Live+Work College Park in April 2024.
Live+Work College Park expands on the successes of HOP by increasing program eligibility, boosting downpayment assistance award amounts, and reducing the forgiveness term for financial assistance. Unlike HOP, which exclusively served full-time City and University employees, Live+Work College Park extends eligibility to all full-time employees working in College Park, including those in the Discovery District—a 150-acre research park housing over 60 employers, including Fortune 500 companies, federal agencies, and university-affiliated startups. In just one year, Live+Work College Park has seen rapid growth and increased participation. At this time, we are nearing 100 homeowners supported since 2015! This is a milestone we are eager to celebrate and exceed.
Strengthening Sustainability: Employer Engagement and Outreach
In addition to supporting downpayment assistance for new homeowners, the Live+Work College Park Program is intended to support the City’s long-term environmental sustainability commitments. By opening the program to all employees working full time in College Park, Live+Work College Park participants will reduce their vehicle miles traveled, which positively contributes to reducing air pollution and their carbon footprints. Many have said they intend to walk or bike to work as a result of moving closer to their jobs. This means that Live+Work College Park will contribute to community environmental sustainability and resilience over time, which is a core tenet of Vision 2030.
A key component of the Live+Work College Park initiative is its robust outreach and engagement strategy. To raise awareness and ensure widespread participation, the program leverages both virtual and in-person engagements. Bi-weekly online information sessions educate potential applicants about eligibility requirements, financial assistance options, and the application process. Additionally, strategic partnerships with local businesses and organizations have enabled more personalized, targeted presentations for prospective homebuyers.
Through these efforts, Live+Work College Park strengthened its ties with the community and positioned itself as a vital resource for those seeking to establish roots in College Park. We are excited the program’s expanded reach and improved accessibility have made it a cornerstone of the College Park’s long-term vision for sustainable growth and neighborhood stability.
College Park’s Future: A Commitment to Sustainable and Inclusive Growth
College Park’s evolution into a thriving, vibrant and attractive community is a testament to its commitment to sustainability, economic growth, and inclusivity. By fostering homeownership through programs like HOP and Live+Work College Park, the city continues to enhance its appeal as a dynamic place to live and work.
The collaborative efforts of the City, the University of Maryland, and the Partnership ensure College Park will continue to evolve while maintaining its commitment to affordability, sustainability, and community well-being. As the city moves forward, initiatives like Live+Work College Park will play a pivotal role in shaping the future, ensuring that College Park remains an inclusive, accessible, and vibrant place for generations to come.
