College Park City-University Partnership Releases
July 2017-June 2018 Homeownership Program Report
College Park, Maryland – The College Park City-University Partnership Homeownership Program is a core initiative of the Partnership’s Housing and Development strategy. This strategy, outlined as part of the University District Vision 2020, includes increasing the number of University of Maryland Employees living in the City of College Park.
Made possible through a Community Legacy grant the State of Maryland’s Department of Housing and Community Development and matching grants from the University of Maryland and City of College Park, the City-University Partnership’s Homeownership Program is part of an effort to reduce commutes, strengthen neighborhoods, and support our local economy. 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. Each home sold through this program represents increased neighborhood stability with homeowners and their families making College Park their home.
In its third year, 15 homes were purchased through this Program in FY’18 resulting in 37 new residents, and 4 homes converted from former rental properties into owner-occupied. From the Program’s beginning in 2015 to the end of FY’18, we now have 39 homes that are owner occupied for a period of ten years, 87 new full-time residents living in College Park and 8 homes that have been converted from former rental properties. We are beginning to see the results: The percentage of UMD employees living in College Park has jumped from roughly 4 percent to just under 6 percent. Homebuyers are often out in the community, participating in City, University and Partnership events.
As we look at the progress made in FY’18, we also look ahead to our work in the next fiscal year. We are collaborating with our partners in the City, University, County, State and community – and look forward to another year implementing and scaling up this successful program.