BREAKING NEWS - March 5, 2015
TriplePlay Funds Depleted After Serving Nearly 400 Prince George's County Homebuyers;
Modified Version Called DoublePlay is Launched
DHCD just announced that the TriplePlay down payment assistance program, launched in November, has exhausted its funding. The State DHCD reports that "nearly 400" Prince George's County homebuyers received assistance under the program. A portion of the Attorney General's settlement with mortgage lenders was used to fund TriplePlay. Maryland DHCD has announced a new program "DoublePlay," where buyers can get a discount on loan rates and $5,000 in down payment assistance (DPA). That program is detailed in the following DHCD press release.
Of course, PGCAR will continue to work with our partners at the DHCD, locally and at State, to develop and promote similar programs as funding sources become available.
March 4, 2015
For Immediate Release
Groundbreaking Mortgage Initiative for Homebuyers in Prince George's County Fully Utilized in Less Than Four Months
Homebuyers in County Still Eligible for Significant Rate Reduction
and Up to $2,000 Federal Tax Credit
Crownsville, MD - DHCD announced today that the funds set aside to provide down payment assistance under the Maryland Mortgage Program Triple Play Initiative in Prince George's County have been utilized.
MMP TriplePlay has been one of the most popular initiatives in the long history of the Maryland Mortgage Program. State and county officials announced that because of the unprecedented demand, a modified version of the groundbreaking initiative will continue, building upon the nearly 400 homebuyers already served.
"The success of the MMP TriplePlay Initiative illustrates the economic impact of a well-designed homeownership program that meets the needs of today's homebuyer," said DHCD Secretary-designate Kenneth C. Holt.
"The homebuyer market is more diverse than in the past and increasingly consists of members of the Millennium Generation," Secretary Holt continued. "The Hogan-Rutherford administration is committed to pursuing innovative programs such as MMP TriplePlay that help those families earn a piece of the American dream."
The initiative was 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 support of the Prince George's County Association of REALTORS® played an important role in the success of the effort, Holt said.
Through the MMP TriplePlay Initiative, families looking to buy a home in Prince George's County through the Maryland Mortgage Program were eligible for $10,000 in downpayment and closing cost assistance in a no-interest deferred loan with an additional $10,000 grant if they purchase their home in targeted areas in the county; 0.25 percent reduction in the Maryland Mortgage Program's already low interest rate and a waiver of the state's 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 loan is outstanding.
MMP TriplePlay was launched in November and "sold out" in less than four months.
Under the extended version of the program, which officials have dubbed the DoublePlay Initiative, eligible homebuyers may still receive the 0.25 percent rate reduction from the Maryland Mortgage Program's already low interest rates and the fee waiver. In addition, all Maryland Mortgage Program borrowers may be eligible for $5000 in down payment assistance in the form of a no-interest deferred loan.
The Maryland Mortgage Program has been the state's flagship mortgage purchase program for more than 30 years. Program loans are administered by a network of more than 60 private lending institutions across the state, including about 30 lenders in Prince George's County. Additional benefits of the program include pre-purchase home buyer education.
For more information on Maryland Mortgage Program offers, visit MMP.MARYLAND.GOV.
Please also see the DHCD memo to participating lenders, with details on the MMP DoublePlay Program.
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