Live+Work College Park Program

What is Live+Work College Park Program?

Live+Work College Park Program is a forgivable loan for homebuyers in College Park, Maryland, administered by College Park City-University Partnership.

• The College Park City-University Partnership's Live+Work College Park Program offers $20,000 in down payment and closing cost assistance structured as a zero-interest, 7-year forgivable loan to anyone employed full-time in the City of College Park or the University of Maryland's Discovery District who purchases a home within College Park city limits. No income limit applies; eligibility is based on employment location and home purchase location. The loan is secured by a deed of trust and a 10-year owner-occupancy covenant and is forgiven at the end of the 7-year term if all requirements are met.
• $20,000 forgivable loan for down payment or closing costs.
• Zero interest.
• Forgiven after 7 years if owner-occupied.
• Stackable with Maryland Mortgage Program and City grants.
• Open to UMD employees and all College Park employers.
• No income limit.
• Funding comes from College Park City-University Partnership (funded jointly by City of College Park and University of Maryland).

How much assistance does it provide?

Live+Work College Park Program offers up to $20,000 in assistance.

• The program can be combined with Maryland Mortgage Program; MMP community partner match; City of College Park New Neighbor Homeownership Grant.
• Amounts are the program's published maximums, not an offer — College Park City-University Partnership determines any individual award.

Do you have to pay it back?

Live+Work College Park Program is forgiven after 7 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale or transfer of property; property ceases to be primary residence; failure to comply with program requirements. Partial repayment in years 1-7; fully forgiven at end of year 7.
• The assistance is recorded in Second (deed of trust recorded directly after any first mortgage) position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Live+Work College Park Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Live+Work College Park Program sets its income limit as follows: No income limit stated in program materials.

• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Live+Work College Park Program caps the purchase price as follows: No maximum purchase price stated; home must be within College Park city limits.

• Eligible property types include Single Family, Townhouse, and Condo.
• New construction is eligible.
• Manufactured homes are not eligible.

Is there eligibility for specific groups?

Live+Work College Park Program is limited to employees of Must be employed full-time (at least 35 hours/week) by an employer physically located in the City of College Park city limits or at properties owned by the University of Maryland including the Discovery District. Newly hired relocating employees qualify with written provision. One loan per employee.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Live+Work College Park Program serves buyers purchasing in College Park, Maryland.

• The program targets specific areas: City of College Park city limits, Prince George's County, Maryland. Employer must be in College Park city limits or Discovery District.

How do you apply?

Applications for Live+Work College Park Program go through College Park City-University Partnership, which publishes the current terms and the application steps on its own site.

1. 1

   Contact College Park City-University Partnership to reserve funds

   Funds are reserved through First-come, first-served pending availability. Funds reserved up to 90 days upon approval. Application due at least 3 weeks before settlement., and are subject to availability.

2. 2

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.