by Nadiah Rodriguez
County Executive Isiah Leggett and County Council President Mike Knapp announced last month that Montgomery County will be the latest addition to the Maryland House Keys 4 Employees program, making it the tenth county in the state to sign on.
The House Keys 4 Employees program, a branch of the Maryland Mortgage Program, was established in 2005 and has had a fairly successful run. It was created to help home buyers, in the wake of the mortgage crisis, get increased financial assistance with their down payments and closing costs.
Many employers who have signed on with the program are optimistic; they feel it will not only offer a strong incentive for future employees to join their organization but it will keep their employees within close proximity to the job.
A few of the several employers participating are: Maryland-National Capital Park & Planning Commission Under Amour, Inc., John Hopkins HealthCare LLC, The Bozzuto Group and Access Capital Mortgage LLC. For a complete list of involved employers, please visit the Maryland Mortgage Program's Web site.
As a part of the program, the Department of Housing and Community Development will work with participating employers and offer to match dollar-for-dollar contributions up to $5,000 towards the down payments or closing costs of qualified employees. Financial assistance from other sources, such as non profit organizations, unions and local jurisdictions, can also be combined with this offer. Contributions from the program are considered to be zero percent deferred loans that can be repaid when the home owner pays off, refinances, sells or transfers the property. This assistance is put forth to give consumers more choices when attempting to buy a home.
With the Smart Keys 4 Employees program, the DHCD will double the contribution made by the employer to up to $10,000 if the future home owner finds a residence under 10 miles from the job and it is located in a "priority funding" area.
Those who are qualified are already receiving assistance with down payments or closing costs from their employer and meet all eligibility requirements of the Maryland Mortgage Program.
Leggett spoke of the program's objective in a press release, "This program will further two of the goals that are closest to my heart. Providing affordable housing opportunities in our communities and enabling our County workforce to be more effective and efficient by living closer to work."
Considering the long road that lies ahead of the ongoing affordable housing crisis in Montgomery County, Knapp said, in a press release, he was pleased that the county was making a conscious effort to assist its employees with becoming home owners, especially during the tide of the failing economy.
Montgomery County's participation in most of Maryland's home ownership assistance programs, especially House Keys 4 Employees, shows the county's dedication to do whatever it can for its residents in the wake of the mortgage and affordable housing calamities. With a continuation of this type of effort from the county and employers alike, the housing and mortgage dilemma will be a thing of the past.
County Executive Isiah Leggett and County Council President Mike Knapp announced last month that Montgomery County will be the latest addition to the Maryland House Keys 4 Employees program, making it the tenth county in the state to sign on.
The House Keys 4 Employees program, a branch of the Maryland Mortgage Program, was established in 2005 and has had a fairly successful run. It was created to help home buyers, in the wake of the mortgage crisis, get increased financial assistance with their down payments and closing costs.
Many employers who have signed on with the program are optimistic; they feel it will not only offer a strong incentive for future employees to join their organization but it will keep their employees within close proximity to the job.
A few of the several employers participating are: Maryland-National Capital Park & Planning Commission Under Amour, Inc., John Hopkins HealthCare LLC, The Bozzuto Group and Access Capital Mortgage LLC. For a complete list of involved employers, please visit the Maryland Mortgage Program's Web site.
As a part of the program, the Department of Housing and Community Development will work with participating employers and offer to match dollar-for-dollar contributions up to $5,000 towards the down payments or closing costs of qualified employees. Financial assistance from other sources, such as non profit organizations, unions and local jurisdictions, can also be combined with this offer. Contributions from the program are considered to be zero percent deferred loans that can be repaid when the home owner pays off, refinances, sells or transfers the property. This assistance is put forth to give consumers more choices when attempting to buy a home.
With the Smart Keys 4 Employees program, the DHCD will double the contribution made by the employer to up to $10,000 if the future home owner finds a residence under 10 miles from the job and it is located in a "priority funding" area.
Those who are qualified are already receiving assistance with down payments or closing costs from their employer and meet all eligibility requirements of the Maryland Mortgage Program.
Leggett spoke of the program's objective in a press release, "This program will further two of the goals that are closest to my heart. Providing affordable housing opportunities in our communities and enabling our County workforce to be more effective and efficient by living closer to work."
Considering the long road that lies ahead of the ongoing affordable housing crisis in Montgomery County, Knapp said, in a press release, he was pleased that the county was making a conscious effort to assist its employees with becoming home owners, especially during the tide of the failing economy.
Montgomery County's participation in most of Maryland's home ownership assistance programs, especially House Keys 4 Employees, shows the county's dedication to do whatever it can for its residents in the wake of the mortgage and affordable housing calamities. With a continuation of this type of effort from the county and employers alike, the housing and mortgage dilemma will be a thing of the past.
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