"Down Payment on Your Dream" Program is Big Success
Prince George's Co. Press Office | 10/11/2010, 1 p.m.
Awards Distributed to Top Producing Lenders, Realtors and Housing Counseling Program Partners
Prince George's County Executive Jack B. Johnson along with the Department of Housing and Community Development (DHCD) today announced that 600 first time homebuyers are homeowners as a result of the County's Down Payment on Your Dream Program. The Program is part of the County's federally funded Neighborhood Stabilization Program (NSP) to stabilize neighborhoods hit hard by foreclosures.
"Since Prince George's County kicked off this program in July 2009, it has made the American dream of homeownership possible for so many and has successfully stabilized many neighborhoods by turning vacant foreclosures into occupied homes," says County Executive Jack Johnson. "I also want to profusely thank our partners for their hard work, diligence and commitment."
Over $9 million of federal stimulus funding was earmarked for the Down Payment on Your Dream Program which provides homeownership assistance for eligible buyers to purchase vacant foreclosed houses in targeted neighborhoods. Prince George's County was required to meet a HUD mandated September 24, 2010 deadline for obligation of all Neighborhood Stabilization Program funds.
Based on the success of the program and the County's foreclosure activity, HUD has announced an additional NSP allocation of $1.8 million for Prince George's County.
"I want to especially thank the Down Payment on Your Dream staff, recognize all of our partners today and congratulate our 600 Program beneficiaries," said Prince George's County NSP Program Manager, Rosalyn B. Clemens.
"The success of the Program is due to a unique working partnership with mortgage lenders, the buyers, the Prince George's County Association of Realtors, foreclosing banks, asset management companies, and housing counseling agencies.