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BREAKING NEWS - November 21, 2014
Mike Graziano, Director of Government Affairs

Maryland DHCD Announces $100 Million Mortgage Initiative
For Prince George's County:
Up To $20,000 Down Payment Assistance Available to Homebuyers


At Thursday morning's PGCAR Annual Legislative Breakfast, 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.

"TriplePlay" offers three things:
  • Homebuyers interested in purchasing a Prince George's County property may be eligible for up to $20,000 of down payment and closing cost assistance.
     
  • Buyers are eligible for a reduced Maryland Mortgage Program interest rate.
     
  • The State is waiving its fee to receive 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 Loan is outstanding.
The Maryland Mortgage Program (MMP) TriplePlay Initiative will help an estimated 500 families own the home of their dreams in Prince George's County. It is the result of a partnership between the Maryland Department of Housing and Community Development, Prince George's County, and the Office of the Maryland Attorney General, Doug Gansler. The funding source is part of the landmark Mortgage Servicing Settlement between the nation's attorneys general and the five largest lenders.

The lower Maryland Mortgage Program Interest rate, plus down payment assistance, plus a Maryland HomeCredit federal tax credit without the customary fee gives homebuyers three unique financial incentives to purchase a home in Prince George's County.

For specific details on this exciting NEW program please visit:
http://mmp.maryland.gov/TriplePlay


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