DHCD Secretary Holt to MD Bankers: Expanding Our Lending Portfolio Expands YOUR Lending Portfolio

Secretary Kenneth Holt announces the “You’ve Earned It!” initiative at the Maryland Mortgage Bankers Association Annual Conference in Rockville on May 7.

Annapolis, MD – Governor Larry Hogan and Secretary Kenneth Holt this week announced a $20 million initiative aimed at members of the Millennial Generation that will give a boost to otherwise qualified buyers who have been unable to move into homeownership because of significant student debt.

Through the “You’ve Earned It!” initiative, the Maryland Mortgage Program is offering a 2.75 percent fixed rate, 30-year mortgage and $10,000 in down payment assistance to qualified homebuyers with more than $25,000 in student loan debt. The program is open for a limited time to families purchasing a home in one of Maryland’s 82 Sustainable Communities. Maryland’s Sustainable Communities program seeks to strengthen reinvestment and revitalization in the state’s older communities through state, local and private sector partnerships. There is at least one designated Sustainable Community in each of Maryland’s 23 counties and Baltimore City.

“Encouraging young families to establish roots in our state through homeownership is one of the best ways to grow our economy. Owning a home helps families create a financial legacy for their children, it stabilizes and brings new economic life into the state’s communities, and it puts the power of the housing market to work to revitalize the state’s economy,” Governor Hogan said.

Secretary Holt announced the initiative in Rockville Monday at the annual Affordable Housing Conference of Montgomery County as he delivered the keynote address on behalf of Governor Hogan, who was unable to attend because of events in Baltimore.

On Thursday, Secretary Holt told the Maryland Mortgage Bankers Association at their annual meeting in Annapolis that expanding the capacity of the Maryland Mortgage Program through innovative approaches such as “You’ve Earned It!” is one of the new administration’s three housing and community development goals. The Hogan administration also plans to significantly expand DHCD’s small business lending program and expand resources available to local government through the Local Government Infrastructure Finance program.

“We cannot do this without you,” Secretary Holt told the mortgage bankers. “We look forward to expanding not only our lending portfolio but your lending portfolio.”