At the PGCAR Annual Legislative Breakfast on November 20th, Director Eric Brown of the County's Department of Housing and Community Development (DHCD), announced the launch of the NEW Maryland Mortgage Program TriplePlay Initiative designed exclusively to assist Prince George's County Homebuyers. The $100 million initiative is intended to help stabilize County neighborhoods by promoting home ownership.
On Wednesday, November 12, in a 9 - 0 vote, the Prince George's County Council passed much needed rental security deposit reforms. At the encouragement of PGCAR and AOBA (The Apartment and Office Building Association), Council Member Derrick Davis introduced CB 63 - Residential Leases - Rental Security Deposits.
The new County law (CB 63) rescinds the County's 4% interest on deposit mandate in favor of the U.S. Treasury rate or the 1˝% floor dictated by Maryland law. The new County law also changes the timeframe under which a property owner (landlord) must provide notice of damages to the tenant with the intent to retain a portion of the security deposit. CB 63 extends the notice timeframe in Prince George's County from 30 days to 45 days, which will also be in conformance with Maryland state law.
Please take notice; the new state law and County law are effective on January 1, 2015. The PGCAR Single Family Residential Lease (form 1105) will be revised in accordance with the new laws and will be available on January 1st. Until that time please continue to use the current PGCAR lease which follows present day law.
PGCAR REALTORS® have been helping "provide a boost to home values and a facelift to vacant properties," as well as helping people avoid going into foreclosure by helping investors buy and renovate short sales, then sell them to new homebuyers.
John Lesniewski, 2014 PGCAR President, is quoted in the article, "We anticipate a greater number of foreclosures coming back on the market in the next 18 to 20 months. We want the banks to process them, we want people living in theses houses, stabilizing the neighborhoods, and that will bring values back up." Lesniewski also stated the flipping trend will help create construction and remodeling jobs, increase home values and aesthetically improve neighborhoods.
Whether you manage one rental, specialize in rental property management, or considering rentals, this PGCAR Members' Guide will contain information useful to you. Here's just a few of the topics covered!