Homeownership Initiative in Prince George’s Doing Record Business, Real Estate Brokers Told
Real estate brokers listen intently as DHCD’s Bill Milko leads a training session on the MMP Triple Play Initiative in Prince George’s County.
FEBRUARY 5
Lanham, MD – Just weeks after its launch in November, the TriplePlay Initiative in Prince George’s County is on track to become one of the most successful Maryland Mortgage Program initiatives to date, according to William Ariano, Jr., deputy director of development finance at the Maryland Department of Housing and Community Development.
Ariano said the program has received over $40 million in reservations, representing 186 first-time homebuyers in the county.
“From Bowie to Temple Hills … from Upper Marlboro to Oxon Hill, we are poised to do more lending in Prince George’s County than ever before and those areas that need the greatest focus are receiving it,” Ariano said.
Speaking Wednesday at one of the department’s realtor training sessions, Ariano told a packed house that the landmark initiative is an example of the continued commitment to homeownership under the Hogan-Rutherford administration.
“Acting Secretary Kenneth Holt understands the importance of housing and its benefit to the state, the county and to the families who can build strong sustainable households through homeownership,” Ariano said. “He has stated that his goals include more support for housing programs and continued strong service to our citizens.”
The $100 million initiative will help an estimated 500 families purchase the home of their dreams in the county through the Maryland Mortgage Program. Through the initiative, all eligible Maryland Mortgage Program borrowers purchasing in Prince George’s County receive a 0.25 percent discount on the regular Maryland Mortgage Program’s already low rates, and $10,000 downpayment assistance in the form of an interest-free, deferred loan, good for the life of the loan.
Also, borrowers purchasing in one of 14 county zip codes can receive an additional $10,000 grant for a total of $20,000 of financial assistance. Those zip codes are: 20743 (Capitol Heights), 20746 (Suitland), 20706 (Lanham), 20745 (Oxon Hill), 20747 (District Heights), 20772 and 20774 (Upper Marlboro), 20748 (Temple Hills), 20744 (Fort Washington), 20737 (Riverdale), 20784 (Landover/Hyattsville), 20785 (Landover Hills/Hyattsville), 20710 (Bladensburg), and 20722 (Brentwood).
In addition, the state is waiving its fee on the Maryland HomeCredit, which allows homebuyers to claim a federal income tax credit of up to $2,000 for as long as the Maryland Mortgage Program loan is outstanding.
The TriplePlay initiative is the result of a unique partnership between the Maryland Department of Housing and Community Development, Prince George’s County and the Office of the Attorney General. Working together, the partners recognized homeownership as the most effective use of a portion of the $10 million that was set aside for Prince George’s County as part of the landmark Mortgage Servicing Settlement between the nation’s attorneys general and the five largest lenders.
“The results of this partnership have been outstanding,” said Eric Brown, director of the county Department of Housing and Community Development. “Our strategy to focus on those areas most impacted by foreclosure is starting to see results. We have increased the base value of real estate in the county by 23 percent – faster than any other jurisdiction in the state. The median home sales price hit a low point in 2011 but since then it’s up 47 percent.”
The program is embraced by lenders and real estate brokers as well as homebuyers. Wednesday’s training session had more than 350 registrants.
“One of the biggest problems we find is otherwise well-qualified buyers lacking the funds for the downpayment,” said Desiree Callener, president of the Prince George’s County Association of Realtors. “This is why this initiative is so important.”
Learn more about Maryland’s flagship homeownership program by visiting DHCD’s website: MMP.MARYLAND.GOV.