UPPER MARLBORO, MD – Prince George’s County Executive Jack Johnson and the Prince George’s County Department of Housing and Community Development (DHCD) kicked off the county’s “Downpayment on Your Dream” initiative.  This program will provide down payment and closing cost assistance to eligible homebuyers for foreclosed homes.

“Homeownership by Prince Georgians is a high priority for my Administration,” Johnson said.  “The Downpayment on Your Dream program is a way for the county to help our citizens to share in and experience a part of the American Dream—owning a place to raise a family and become a part of a community.”

Johnson was joined by Prince George’s County Council Chair Marilynn Bland; James Johnson, DHCD acting director; Linda Simpson, president, Prince George’s County Association of Realtors and Rev. Kerry Hill, president, Collective Banking Group.

As part of the Neighborhood Stabilization Program (NSP), the Downpayment on Your Dream initiative will use over $12.8 million to help eligible first time homebuyers realize the dream of Homeownership.  The program will provide down payment and closing cost assistance to purchase vacant foreclosed properties in certain zip codes in Prince George’s County. 

Qualified buyers will be eligible for a zero percent interest deferred payment loan with no repayment if the purchaser stays in the home for 10 years. The program targets areas where foreclosures are negatively impacting property values.  This will stabilize the community by returning distressed, vacant, foreclosed properties to the community.

“We have to revive our neighborhoods,” said DHCD Acting Director Johnson. “The Down Payment on your Dream program is the first step in and stopping the erosion of property values caused by foreclosures and the perfect way to keep Prince George’s County a Livable Community.”

The Down Payment on Your Dream program reflects a strong working relationship between the U.S. Department of Housing and Urban Development (HUD), the Maryland Department of Housing and Community Development (MDDHCD), the real estate community, lending institutions, housing counseling agencies, and other community partners.

The Neighborhood Stabilization Program Down Payment and Closing Cost Assistance loan program is funded by the NSP grant program.  NSP was established under Title III of Division B of the Housing and Economic Recovery Act of 2008 (HERA) to provide emergency assistance to states and units of local governments for the purchase of abandoned and foreclosed homes.

For more information on the Down Payment on Your Dream Program, go to www.princegeorgescountymd.gov/dream.