Councilmember Knapp Proposes Funds to Assist Employees in Purchasing Homes
Dedicated Funds in Housing Initiative Fund Would Help Montgomery Employees Reside in the County
ROCKVILLE, Md., April 30, 2007 - Montgomery County Councilmember Mike Knapp (D-District 2) is proposing that the Council set aside dedicated funds in the Housing Initiative Fund (HIF) in order to provide specified County employees with assistance in purchasing a home in Montgomery County. The Council’s Planning, Housing and Economic Development (PHED) Committee discussed the programs during this morning’s committee session. The full Council is expected to discuss them during its budget deliberations next week.
County employees that would be eligible for the programs include those from Montgomery County Government, employees and volunteers of the local Fire and Rescue Departments, Montgomery County Police, Montgomery County Public Schools, Montgomery College, the Housing Opportunities Commission and the Montgomery County Division of the Maryland-National Capital Park and Planning Commission.
Councilmember Knapp, with the support of Councilmembers Marc Elrich, Nancy Floreen and Valerie Ervin, is recommending that the County participate in Maryland’s House Keys for Employees program and a down payment/closing cost assistance program for employees.
The largest barrier for low to moderate income people in their quest for homeownership is lack of wealth. This means that they either have too much debt and/or insufficient money for a down payment and closing costs. The increased price of housing in Montgomery County has priced many county employees out of the market and forced them to look outside the county for housing. Some employees have had to go as far as Pennsylvania and West Virginia. This increases the commute time for these employees, the car volume on our already congested roads and pollution to our environment.
Maryland’s House Keys for Employees program is administered by More House 4 Less and the State Department of Housing and Community Development (DHCD). Through the program, the State DHCD will match contributions dollar-for-dollar, up to $5,000, toward down payment and closing costs from participating employers. The match is in the form of a zero percent deferred loan, which is repayable upon sale or transfer of the home or at the time of payoff or refinancing.
For the rest of this article please visit www.montgomerycountymd.gov.
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