[RP Town Announce] DHCD and Redevelopment Authority Launch New Home Buyer Assistance Program

[Jessica Barnes]

[Prince George's County: Subscribe MyPGC]

DHCD and Redevelopment Authority Launch

New Home Buyer Assistance Program



Largo, MD --- The Prince George's County Department of Housing and Community Development and the Redevelopment Authority of Prince George's County launched a new home buyer assistance program today called the Prince George's County Purchase Assistance Program or PGCPAP. PGCPAP provides first-time home buyers with a loan for up to $15,000 to use for down payment and closing costs toward the purchase of their new home. The loan is a 0% interest deferred payment loan that the purchaser must pay back in full when the home is sold, transferred or ceases to be the primary residence of the buyer(s), regardless of the length of residency. The program is managed by the Redevelopment Authority of Prince George's County.



"We are very happy to be able to offer a second purchase assistance program for first-time homebuyers or for those potential home buyers who have not owned a home in the last three (3) years," says Eric C. Brown, Director of the Prince George's County Department of Housing and Community Development. "Most times, the hardest thing to do when thinking about buying a new home is coming up with the down payment and closing costs. This new program helps to bridge the gap and assist home buyers with the up-front costs needed to buy a home."



If a buyer is a police officer, sheriff, deputy sheriff, classroom teacher, nurse, firefighter or emergency medical technician (EMT), they could be eligible for an additional $5,000 based on their need and income. This would bring the total loan amount up to $20,000. Eligible properties include: resales, foreclosures, short sales and new construction. The purchase price limit is $462,000 for both resale and new construction.



Among other qualifications, potential home buyers must work with a certified participating lender, have an executed sales contract and attend an "in-classroom" 8 hour counseling course by a HUD certified Housing Counseling Agency. For additional information, please visit the Prince George's County Purchase Assistance Program website: https://www.princegeorgescountymd.gov/2965/Purchase-Assistance-Program<http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNzAyLjkxOTgyNjExJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDcwMi45MTk4MjYxMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3OTg2MTY1JmVtYWlsaWQ9a3NpbXBzb25Acml2ZXJkYWxlcGFya21kLmdvdiZ1c2VyaWQ9a3NpbXBzb25Acml2ZXJkYWxlcGFya21kLmdvdiZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&100&&&https://www.princegeorgescountymd.gov/2965/Purchase-Assistance-Program?utm_medium=email&utm_source=govdelivery>



There is still $500,000 available for the existing home buyer assistance program, Pathway to Purchase. For details and qualifications for the Pathway to Purchase Program, visit: https://www.princegeorgescountymd.gov/2598/Pathway-to-Purchase<http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNzAyLjkxOTgyNjExJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDcwMi45MTk4MjYxMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3OTg2MTY1JmVtYWlsaWQ9a3NpbXBzb25Acml2ZXJkYWxlcGFya21kLmdvdiZ1c2VyaWQ9a3NpbXBzb25Acml2ZXJkYWxlcGFya21kLmdvdiZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&101&&&https://www.princegeorgescountymd.gov/2598/Pathway-to-Purchase?utm_medium=email&utm_source=govdelivery>



Interested persons can also call (301) 883-5456 for additional information on both programs.



Media Contact:  Alexis Revis Yeoman, Public Information Officer

(301) 883-2760 or aryeoman at co.pg.md.us<mailto:aryeoman at co.pg.md.us>



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