The College Park City-University Partnership is working to implement the University District Vision 2020, which calls for a sustainable vibrant university community where people who work in College Park also live in College Park.
In an effort to improve the local economy, reduce commutes, and encourage more people to live near work, as outlined in the University District Vision 2020, the College Park City-University Partnership launched a Homeownership Program that provided $15,000 ten-year forgivable loans for down payment or closing costs to full-time, benefits-eligible employees of the University of Maryland purchasing a home in the City of College Park as their permanent residence.
This program was made possible by a $100,000 Maryland Department of Housing and Community Development (DHCD) Community Legacy grant award, and a matching $50,000 grant from the University of Maryland.
Throughout the Spring of 2015, prior to the program’s launch, the Partnership worked with community members to develop partnerships that would bolster the program, produced marketing material for College Park’s residential amenities and coordinated a series of “Smart Place to Live” events with the University of Maryland’s Office of Community Engagement and the City of College Park’s Neighborhood Quality of Life Committee that would connect the University faculty and staff with members of the community.
The Program was announced on May 12, and officially launched on June 15, 2015, immediately receiving much interest from potential homebuyers, lenders, realtors, and others.
By the end of December 2015, five homebuyers had utilized the program successfully. Over the course of the spring, the program was able to close five more loans, thereby completing its program within one year, instead of two as allocated by the DHCD Grant Award.
The first year has been very successful, and the Partnership, City and University are working toward creating an even more robust program that will truly make College Park a top 20 college town.
Ge the full report: Partnership Homeownership Program FY’16 Report
Last updated: July 14, 2016