State and local officials announce new incentives for homebuyers

November 20, 2014

Mayor Marc Tartaro (far right) at Busboys and Poets Thursday. Photo courtesy the City of Hyattsville.

BY REBECCA BENNETT — Today at Busboys and Poets in Hyattsville, city officials came together with representatives from Prince George’s County and the State of Maryland to announce a new $100 million mortgage initiative for Prince George’s County homebuyers.

According to the Maryland Department of Housing and Community Development (DHCD), Maryland Acting Secretary Clarence Snuggs, Prince George’s County Executive Rushern Baker III and Maryland Attorney General Douglas F. Gansler today announced three new benefits through the Maryland Mortgage Program officials hope will promote home ownership:

  • $10,000 in down payment and closing cost assistance in the form of an interest-free, deferred loan;
  • Mortgage rate reduced by 0.25 percent;
  • And, a $2,000 federal income tax credit for as long as the mortgage program loan is outstanding.

Additionally, homebuyers in some zip codes will receive an additional $10,000 grant when securing a loan through the state’s mortgage program. DHCD said “those zip codes are: 20743 (Capitol Heights), 20746 (Suitland), 20706 (Lanham), 20745 (Oxon Hill), 20747 (District Heights), 20772 and 20774 (Upper Marlboro), 20748 (Temple Hills), 20744 (Fort Washington), 20737 (Riverdale), 20784 (Landover/Hyattsville), 20785 (Landover Hills/Hyattsville), 20710 (Bladensburg), and 20722 (Brentwood).”

DHCD estimates these initiatives will help approximately 500 families buy homes.