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Wednesday, June 17, 2015

College Park, UMD partnership unveils new homeownership program

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.”



Anonymous said...

More entitlements for the entitled.

Anonymous said...

Yup 12:23, just like senior citizen discounts.

Anonymous said...

Senior citizens have earned every discount they might receive, leave them alone.

Anonymous said...

And so this is part of the reason kids have to spend half their lives paying off student debt, so that the universities can subsidize loans to their employees..
At the current cost of a college education, it is rarely worth it.

Anonymous said...

So what happens if they quit, or are fired or retire? Does the loan immediately come due? Or does the university keep handing out more of these negative-interest loans?