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As One Path to Homeownership, County Executive Elrich Wants Homebuyers to be Aware of a Potential Funding Source

For Immediate Release: Friday, July 19, 2019

Montgomery County Executive Marc Elrich encourages residents to apply for the Montgomery Homeownership Program of down payment assistance. The program is now accepting applications and is available to help homebuyers who qualify.

Applicants who qualify and are approved for the Montgomery Homeownership Program may access Down Payment Assistance loans in amounts up to $25,000 – or up to 40 percent of the household income of the prospective homeowner – whichever is less. Funds may be used for down payment or closing costs. Approved buyers also will receive a competitive rate Maryland Mortgage Program Loan to help complete their homebuying process.

“For most people, homeownership is an important step toward building wealth and financial security,” said County Executive Elrich. “I recommended the County begin offering this sort of down payment assistance three years ago, when I was on the Council.  I wanted to ensure that more people in the County had access to financial assistance that would help them purchase a home. Homeownership is essential to building stronger communities and safer neighborhoods that enable families to thrive. Programs like this enable us to create more pathways to homeownership that lead to new homeowners in Montgomery County."

The Montgomery Homeownership Program leverages the Maryland Mortgage Program and is administered by the Maryland Department of Housing and Community Development, which provides similar down payment assistance across the state.

"The Maryland Department of Housing and Community Development values our partnership with Montgomery County," said Assistant Secretary Matthew Heckles, who oversees the Maryland Mortgage Program. "Being able to achieve home ownership is really important for families and for communities but can be out of reach in high cost areas - that's why this partnership and additional down payment and closing cost assistance is particularly important in Montgomery County."   

These zero-interest down payment assistance loans can be used for modestly-priced homes in Montgomery County. The loans are to be repaid upon the sale, payoff or transfer of the home.

“Homeownership is an essential part of wealth generation in the U.S.,” said Council President Nancy Navarro. “According to the Institute for Policy Studies, Black and Latino families are twice as likely to have zero wealth because their debt is greater than their assets. This is why the County’s work on racial equity and social justice, and programs like the Montgomery Homeownership Program are so important. Programs like this one provide one of the tools necessary to get families in our community on the road to homeownership.”   

The program is part of Montgomery County’s ongoing efforts to provide more paths to homeownership. Montgomery County has committed $1 million in Fiscal Year 2020 to this program with the state of Maryland. 

For more information or to apply, visit Montgomery Homeownership Program.

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Release ID: 19-254
Media Contact: Lorraine Driscoll  240-777-6533