5701 Marinelli Road, White Flint Ampitheater Room (Lower Level), North Bethesda
As prepared
Good morning. At the annual Affordable Housing Conference, and throughout the year, I and other Montgomery County leaders continually discuss how we can do more to improve access to affordable, inclusive housing options here in the County.
We are an affluent community, yet affordable housing remains a significant challenge for many of our residents.
Today, I am announcing an exciting, new program to help qualified applicants purchase a home with the support of our new Montgomery Homeownership Program.
One of the biggest challenges for homebuyers is saving for down-payment and closing costs. As Montgomery County has the highest housing costs in Maryland, it is particularly challenging to save enough funds to purchase a home here.
Yet, homeownership is considered by many to be the most affordable and predictable way for individuals and families to pay for housing.
So, we want to help expand access to homeownership as part of Montgomery County’s efforts to promote affordable housing.
The Montgomery Homeownership Program offers qualified homebuyers assistance with down-payment and closing costs to help them purchase their first home here in Montgomery County.
These Down Payment Assistance loans will be provided in amounts up to $40,000 – or up to 40% of the household income of the prospective homeowner – whichever is less. The loan can be applied to the down payment or closing costs.
These zero-interest loans can be used for modestly priced homes that cost up to $429,000 – and, in certain neighborhoods, for homes that cost up to $525,000. The down-payment loans are to be repaid upon the sale of the home.
A typical family will save $150 per month through the Montgomery Homeownership Program.
Applicants who are approved for the program also receive a below-market rate Maryland Mortgage Program Loan – to allow them to complete their affordable home-buying process.
Montgomery County has committed one million dollars to this program, in a partnership with the State.
So, I’m glad to be joined today by Maryland’s Department of Housing & Community Development Secretary Ken Holt, as well as Council President Roger Berliner and Councilmember Marc Elrich, as we announce this new Montgomery Homeownership Program.
Over the past 10 years, Montgomery County has succeeded in leveraging funds to construct, maintain or build 59,000 affordable housing units.
The Montgomery Homeownership Program we are announcing today contributes to our ongoing efforts to expand affordable housing options so that more people can afford to live here in Montgomery County.
Thank you.
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Release ID: 17-043