UPPER MARLBORO, MD – Prince George’s County Executive Jack Johnson, along with the Department of Housing and Community Development (DHCD), announced the first settlement using the County’s “Down Payment on Your Dream” initiative. 

“Congratulations to Larry and Naisha Dinkins for the purchase of their first home,” Johnson said. “Homeownership by Prince Georgians is a high priority for my Administration and 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.”

The Dinkins’ settled on their first home, a beautiful four-story townhome in Upper Marlboro, using the Downpayment on Your Dream program which provides down payment and closing cost assistance to eligible homebuyers for foreclosed homes.  Their new home is located in one of the Down Payment on Your Dream program target areas, where credit worthy, first time home buyers can get up to $20,000 in assistance to purchase a vacant foreclosed property.

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.

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, call 301-883-5456 or go to www.princegeorgescountymd.gov/dream.