College Park, Maryland – The College Park City-University Partnership announces renewed funding from the Maryland Department of Housing and Community Development (DHCD) through a $150,000 National Capital Strategic Economic Development Fund grant. Funding for the Partnership’s award-winning Homeownership Program enjoys continuing support by matching grants from the City of College Park and the University of Maryland.
PRESS RELEASE
December 11, 2019
Eric Olson
(240) 416-3184
eolson@collegeparkpartnership.org
College Park City-University Partnership Homeownership Program
Receives $150,000
Program offers $15,000 forgivable loans for UMD and City of College Park employees
The Partnership’s Homeownership Program provides $15,000 in down payment and closing cost assistance, structured as a 10-year forgivable loan, to regular full-time UMD employees and full-time City of College Park employees choosing to live in College Park.
Since the program was launched in summer 2015, 58 homes have been purchased (11 being former rental properties), bringing at least 136 residents and upwards of $20M in home sales.
With renewed funding, thanks to the Department of Housing and Community Development, the City of College Park, and the University of Maryland, more University and City employees will be able to live near their work in College Park. This is a key goal of both the City of College Park and the University of Maryland.
“Living near work accomplishes many things,” says Eric Olson, Executive Director of the College Park City-University Partnership. “In College Park, it reduces commutes, and helps to build a stronger community.” He adds that “People who both live and work in College Park can take part in more activities on and off campus, and get more involved in the fabric of the community – dining in area restaurants, engaging with more students and residents, and attending cultural, academic, or athletic events.”
“The Partnership greatly appreciates the continuing support from the Maryland Department of Housing and Community Development,” said Eric.
For information on the program, including how to apply, visit:
www.collegeparkpartnership.org/homeownershipprogram