SDLP - Workforce Initiative Loan

What is SDLP - Workforce Initiative Loan?

SDLP - Workforce Initiative Loan is a deferred second loan for homebuyers in Howard County, Maryland.

• The Workforce Initiative Loan is Howard County's SDLP tier dedicated to Howard County workforce members - educators, public-safety personnel, healthcare workers, and County employees. Up to $25,000 in 0% interest deferred-payment second-mortgage assistance to support workforce homeownership in Howard County, MD.
• Workforce Initiative tier of Howard County's SDLP. Up to $25,000 in 0% interest deferred-payment second-mortgage assistance for Howard County workforce members - educators, public-safety personnel (law enforcement, firefighters), healthcare workers, and other Howard County employees. Maximum purchase price $644,756.
• Funding comes from HOME, CDBG, Federal, and Local Government.

Do you have to pay it back?

SDLP - Workforce Initiative Loan is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Deferred 0% second-mortgage repayable upon sale, refinance with cash-out, transfer, or loss of primary-residence status.
• The assistance is recorded in 2 position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

SDLP - Workforce Initiative Loan is open to buyers who will live in the home as their primary residence.

What are the income limits?

SDLP - Workforce Initiative Loan limits household income to 120% of the area median income, which varies by county and household size.

• Workforce Initiative tier: household income approximately $99,752 (1-person) to $188,106 (8-person).
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• 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?

SDLP - Workforce Initiative Loan caps the purchase price at $644,756.

• Eligible property types include Single-family detached, Townhouse, and Condominium.
• New construction is eligible.
• Manufactured homes are not eligible.

Is there eligibility for specific groups?

SDLP - Workforce Initiative Loan names educators, law enforcement officers, firefighters, and healthcare workers among the groups it serves.

• 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?

SDLP - Workforce Initiative Loan serves buyers purchasing in Howard County, Maryland.

How do you apply?

Applications for SDLP - Workforce Initiative Loan go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved housing counseling agencies; 8-hour homebuyer-education certificate required..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-come, first-served via Howard County DCS., and are subject to availability.

3. 3

   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.