Home Buying Made Easier
Financial Aid To First-Time Home Buyers
Homeownership is still part of the American Dream, even though a report by the Urban Institute shows that owning a home eludes millions of millennials - more so than the previous two generations (Gen X and Baby Boomers). While there are various factors impacting lower homeownership, the bottom line is if current trends continue, the wealth disparity will grow between white, black and Hispanic millennials, since the black homeownership rate has continuously been lower than any other group and has dropped further than other groups since 2000. So what can be done?
The Prince George's County Department of Housing and Community Development and the Redevelopment Authority of Prince George's County administer a home buyer assistance program called the Prince George's County Purchase Assistance Program (PGCPAP).
PGCPAP provides eligible 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.
If the buyer is one of the following, they may be eligible for an additional $5,000 based on their need. This would bring the total loan amount to $20,000.
Police Officer Firefighter
Deputy Sheriff Emergency Medical Technician
Classroom Teacher Nurse
The program is managed by the Redevelopment Authority of Prince George’s County and is funded by the Housing Investment Trust Fund. As of March 1, 2019, the PGCPAG remaining available balance is $1,283,620. 22.
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