Homeownership Grants for Owner Occupants
Application Instructions, Program Information and Requirements
The City of
College Park is offering $5,000 in grant assistance, on a first-come,
first-served basis, to encourage the conversion of single-family rental
properties to owner-occupied housing and to encourage police officers and
city employees to make their homes in College Park. Funds are provided at
settlement for use toward purchase of the property and participants may use
grant funds in conjunction with other housing programs.
purchasing a single-family property that was previously rented for a
minimum of two years is eligible for a $5,000 grant.
full-time certified police officer employed by the Maryland State
Police, Prince George’s County Police, Maryland-National Capital Park &
Planning Police, Metro Transit Police or the University of Maryland
Police is eligible for a $5,000 grant toward the purchase of any city
property including condominium apartments.
full-time employee of the City of College Park is eligible for a $5,000
grant toward the purchase of any city property including condominium
Obligations & Requirements
funds can only be used toward purchase of the property. The funds will
be paid at the time of settlement.
must agree to live in the property for a minimum of 5 years. If the
property is sold anytime during the first 5 years, the pro-rated portion
of the balance of the grant shall be immediately due and payable to the
City. If at any time during the five year period the property ceases to
be owner occupied, the entire original grant amount shall become due.
must sign a Declaration of Covenants and Conditional Repayment
Agreement at settlement. Upon disbursement of grant funds, a
lien will be placed on the property for a period of 5 years.
of a New Neighbors Program grant will be required to complete an annual
certification form provided by the City stating they are in compliance
with the terms of the grant.
after the date of purchase, the owner(s) will be under no obligation to
repay grant funds and the lien will be removed by the City.
College Park New Neighbors Program grant may be taxable income, and the
applicant is encouraged to consult with a financial advisor or the IRS
the status of these funds.
Applicants must maintain appropriate homeowner’s insurance on the
property at all times and provide an insurance certificate, naming the City
as an additional insured at the time of settlement.
and submit the attached
application forms and all required documentation to the City of
College Park Planning Department at least two weeks prior to your
scheduled settlement date.
If you are
approved for a College Park New Neighbors Program grant, you should
check with your mortgage company to see how the grant will be treated
Family Property: A building containing only one dwelling unit, which
may be detached or attached, that is used as a complete and independent
living facility for one family, which includes permanent provisions for
living, sleeping, eating, cooking and sanitation.
Property: A non-owner occupied property which has been rented to a
person or persons for a period of two or more years, or an
owner-occupied property which has been rented by three or more
individuals for a period of two or more years.
owner-occupied property is a property which is the owner’s permanent,
year-round residence and which may be occupied by the owner’s family and
no more than two other individuals who lease space from the owner.
For additional information contact Dorothy Friedman at 301-277-3445 or via
e-mail at email@example.com.