College Park City-University Partnership Homeownership Program Hits 50th Homebuyer Milestone

COLLEGE PARK CITY-UNIVERSITY PARTNERSHIP PRESS RELEASE
Contact: Eric Olson
240 416-3184; Eolson@collegeparkpartnership.org

College Park City-University Partnership Homeownership Program Hits 50th Homebuyer Milestone
Employees living in College Park a key success of 2020 University District Vision

COLLEGE PARK, MD – The College Park City-University Partnership has closed its 50th loan in College Park. The Program, funded through the Maryland Department of Housing and Community Development’s (DHCD) Community Legacy program and matching grants from the City of College Park and the University of Maryland, is a tremendous success.

The Partnership’s Homeownership Program, funded by the Maryland Department of Housing and Community Development and matching grants from the University of Maryland and the City of College Park, provides $15,000 in down payment and closing cost assistance, structured as a 10-year forgivable loan, to full-time, benefits-eligible UMD employees and full-time City of College Park employees choosing to live in College Park. The Program undergirds a larger effort to make College Park a top-university community as outlined in the University District Vision 2020; including a more walkable and vibrant Baltimore Avenue, founding and success of College Park Academy, a greener community, the incoming Purple Line and more. It is designed to increase homeownership in College Park, reduce commutes, and contribute to our local economy, which are all goals outlined in the University District Vision 2020.

Since the Homeownership Program was launched in summer 2015, 50 homes have been purchased (9 being former rental properties and 10 coupling with the City’s New Neighbor Grant program), bringing 122 residents and upwards of $17.6 million in home sales. 68 percent are first-time homebuyers and over half indicated they would walk, bike or use public transit to get to work.

“Downpayment and closing costs are often a barrier to homeownership, but our cooperative efforts have now helped 50 university and city employees purchase a home in College Park,” said Maryland Department of Housing and Community Development Secretary Kenneth C. Holt.” These engaged, invested homeowners will support the community’s positive growth, and the State of Maryland is proud to partner with the City of College Park and the University of Maryland for this highly successful initiative.”

“This milestone shows that our joint investments are transforming College Park into an attractive community in which to live and raise a family,” said University of Maryland President Wallace D. Loh. “Together we’re sparking a renaissance of College Park.”

“The positive effects of this program on the economic, social and environmental landscapes of College Park continue to be felt – and will be for years to come. We look forward to the Program’s continuing success into the future,” said College Park Mayor Patrick Wojahn.

Thanks to the Maryland Department of Housing and Community Development, the City of College Park, and the University of Maryland, more University and City employees are living near their work in College Park. This is a critical goal of both the City of College Park and the University of Maryland.

“More and more UMD faculty and staff are moving to College Park,” said Senator Jim Rosapepe, Chair of the Partnership. “They see what we all see: it’s becoming a top 20 college town.”

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For information on the program, please visit: www.collegeparkpartnership.org/homeownershipprogram

To read about the homebuyers, visit: https://collegeparkpartnership.org/homeownershipprogram/homebuyers/