Full-time, benefits-eligible university employees can receive $15,000 zero-interest, 10-year loans to help cover city home down payment and closing costs
The College Park City-University Partnership announced today a homeownership program to incentivize university employees to live in the city.
The program will provide $15,000 zero-interest, 10-year loans to regular, full-time, benefits-eligible university employees to help cover a city home’s down payment and closing costs, according to the program document.
The city’s median home value is $273,100, according to the U.S. Census Bureau, meaning the new loan program is “just a drop in the bucket” of the cost of a house, university President Wallace Loh said.
“People own a home in a city; they get invested in it. It’s their money, and this is just a small portion,” Loh said. “Any city will be a much better city, better maintained and have more community involvement, if the residents are homeowners versus if they’re renters.”