The College Park City-University Partnership Live+Work Program is part of an effort to increase the number of people living near their place of employment as outlined in the University Community Vision.
Through this program, anyone employed in the City of College Park can receive $20,000 in down payment or closing cost assistance for a home purchased anywhere in College Park
Structured as a 7-year, zero-interest, forgivable loan, The Partnership created this program with the homebuyer in mind. With just a few steps, people employed in the City of College Park can use the program to purchase a home within city limits.
If you are employed in College Park, Maryland, you may be eligible to participate in the Live + Work Program! Eligible applicants:
18 years of age or older
Be employed by an employer in the city of College Park
Purchase a home in College Park for use as primary residence
Not already own a home in College Park
Use loan funds only for downpayment and/or closing costs
Agree to follow program instructions and abide by all provisions of the loan
*See Program Guidelines and Application for complete terms + conditions
Steps
The Partnership structured the process for using this program with the home buyer in mind. With just a few steps, people employed in the City of College Park can use the program to purchase a home within City limits:
Find a home of your choice anywhere in College Park and begin purchase process
Obtain a mortgage loan approval from the lender of your choice
Complete + submit application for review at least 3 weeks before settlement
You have questions – we have answers. Check out some commonly asked questions below.
How much money is available through the Live + Work Program and how is it structured?
The award for this program is $20,000. These funds are a zero-interest, seven-year forgivable loan so long as all requirements are met. These funds may be combined with other home ownership programs and grants.
What can the Live + Work Incentive Program loan be used for?
Loans may be used only for down payment and closing costs in connection with a home purchase in the city limits of College Park. See Map.
Are University of Maryland employees eligible for the program?
Yes! Employees of the University of Maryland at College Park are eligible to apply to Live + Work College Park.
Can I use this loan in conjunction with any loans or other homeownership programs?
Yes. Please review a list of options available to you following the application. Please check with your lender re: using an FHA loan with this program.
How long will the loan program be available?
Loans will be distributed pending availability of funds, on a first-come first-served basis. The program may be discontinued at any time.
What requirements are there to be eligible for the loan?
The homebuyer (or spouse) must be employed within the City limits of College Park. The homebuyer will not be considered if they already own a home in College Park. The home being purchased must be within the City limits of College Park. The Partnership will not discriminate against any applicant on the basis of age, race, color, creed, pregnancy, religion, national origin, ancestry, disability, marital status, sex, sexual orientation, gender identity, physical characteristic or other unlawful basis of discrimination. A mortgage loan approval must be obtained, a formal loan agreement reached with, the Partnership. Please review the “loan provisions” section for more information about the loan.
How can I reserve and receive a loan?
A completed application must be submitted at least three weeks prior to settlement. Once received, funds will be reserved for the homebuyer and a final review of the documents will be conducted. So long as everything is in order, a formal loan agreement, will be signed by the homebuyer. The Partnership will then provide the promissory note and deed of trust and transfer funds to the settlement company for the full amount of the loan.
Are there any fees associated with the Homeownership Program?
Yes, the Partnership will charge a $100 loan origination fee to be paid by homebuyers at the point of loan approval.
Still have a questions? Get in touch with us via our contact form.
The Partnership’s Live + Work Program is part of an effort to increase the number of people living near their place of employment as outlined in the University Community Vision.
Through this program, anyone employed in the City of College Park can receive $20,000 in down payment or closing cost assistance for a home purchased anywhere in College Park.
Live + Work Program application
Signed verification of employment
Ratified contract of sale executed by both parties
A copy of the signed mortgage loan application from lender
A copy of the appraisal from your lender
$100 loan origination fee below:
To be eligible for the Partnership’s Live + Work Program Loan, an applicant must:
Employed full-time by an employer physically located in the City of College Park.
Purchase a single-family home, town house or condominium to be owned and lived in by the homebuyer in College Park (See MAP)
Not already own a single-family home, town house or condominium in College Park.
Listed on all documents, including: contract of sale, mortgage loan application and final mortgage commitment letter.
Use loan funds only for down payment or closing costs.
Agree to follow program instructions and abide by all provisions of the loan and covenant.
Sign a loan agreement, including promissory note, deed of trust and a declaration of restrictive covenant.
Agree to follow program instructions and abide by all provisions of the loan and covenant.
Submit a completed application no less than three weeks prior to settlement.
Not already own a single-family home, town house or condominium in College Park.
and be 18 years of age or older.
Loans are made pending availability of funds, on a first-come first-served basis.
The loan is a zero-interest, deferred payment loan with a term of 7 years that is forgivable at the end of the 7-year term, so long as the provisions of the program are met.
The loan may only be used for down payment and closing costs at settlement for the purchase of a primary residence (single-family home, townhouse, condominium) in the City Limits of College Park; one loan per eligible address; one loan per employee.
This 7-year loan will be secured on a property with a Deed of Trust, Promissory Note and Declaration of Restrictive Covenants, with a balance due upon sale or transfer of the property, if the property ceases to be the primary residence of the homebuyer, or if the homebuyer otherwise fails to comply with the program requirements.
The home will also be required to be owner-occupied for a period of 10 years, and a restrictive covenant will be placed on the property, together with the deed of trust and promissory note, as security and enforcement for this requirement.
The homebuyer may combine loan proceeds with funds from the Maryland Mortgage Program offered by Maryland Department of Housing and Community Development, the City of College Park New Neighbor Homeownership Grant Program, and other funding opportunities.
Homebuyers are required to live in the home purchased1 under this program and must certify to the Maryland State Department of Assessments and Taxation that this is the primary residence of the homebuyer, as defined by the State of Maryland. The homebuyer must occupy the residence for a period of at least ten years from the date of settlement. If the property ceases to be the homebuyer’s primary residence, if the homebuyer does not live in the home or otherwise fails to comply with the program requirements, the homebuyer will be required to repay loan proceeds to The Partnership according to a seven year schedule.
| Year | Loan Repayment Schedule |
|---|---|
| year 1 | 100% |
| Year 2 | 100% |
| Year 3 | 100% |
| Year 4 | 50% |
| Year 5 | 30% |
| Year 6 | 20% |
| Year 7 | 10% |
| Year 8 | Loan is Forgiven |
Homebuyers are required to enter into a Right of First Refusal agreement that provides The Partnership a 30-day opportunity to purchase the house if the homebuyer decides to sell or transfer the home within ten years of the home purchase. If the Partnership decides not to purchase the home, the homebuyer is encouraged to engage in good-faith negotiations to sell to buyers who will use the home as their primary residence.
Loans are available pending availability of funds, on a first-come first-served basis. This program may be discontinued at any given time.
A completed application does not guarantee a loan. Please check with your lender re: using an FHA loan with this program.
The loan may only be used for down payment and closing costs at settlement for the purchase of a primary residence in the city limits of College Park; one loan per eligible address; one loan per employee.
A College Park employer is defined as an entity which operates at a physical address, either primary or permanent branch location, which is used for conducting business activities within College Park City limits.
A full-time employee is defined as an individual who works for the business listed in employment verification for at least 35 hours per week.
A home is a single-family home, townhouse or condominium if the homebuyer owns the unit.
An owner-occupied property is defined as a property which is the owner’s permanent, year-round residence and which may be occupied by the owner’s family and no more than two other individuals who lease space from the owner-occupant.
An owner-occupancy covenant will be placed on the property for 10 years.
A homebuyer will be required to sign a promissory note, deed of trust and declaration of restrictive covenant memorializing the loan and the occupancy requirement.
A $100 loan origination fee will be collected from the home buyer on the date of sale.
Complete the form below with your questions and a Partnership staff member will contact you within two business days. Please note, funding is available through the end of the 2024 calendar year.
Have a question? We’re here to help! Feel free to reach us via email, or sign up for an upcoming information session for more information.
College Park City-University Partnership 7401 Baltimore Avenue, St. 201 College Park, MD 20740
General Inquiries: [email protected]
Sign up for an upcoming information session today here.