# Sec. 10-295. Purposes and uses

Codified through Bill No. CB-018-2026, adopted May 12, 2026, effective July 24, 2026. Source: Municode, Supplement 2026 Update 2. Editorial notes and legislative history omitted.

## Sec. 10-295. Purposes and uses

Prince George's County, Md., Code § 10-295 (2026)

(a) In general. The purposes of the Fund are to:

  (1) develop effective strategies to strengthen County neighborhoods impacted by foreclosures consistent with the adopted Prince George's County Five-Year Consolidated Housing and Community Development Plan;

  (2) provide for gap financing to enable the County to support the development of new construction and preservation of existing workforce and affordable housing;

  (3) provide for housing counseling, rental, down payment, closing cost, and other financial assistance for:

    (A) eligible persons to retain or purchase vacant, abandoned, and foreclosed properties; and

    (B) critical public service workers to ensure that these workers are able to live in the communities that they serve;

  (4) acquire, rehabilitate, resell or lease-purchase of all for sale properties in Prince George's County to include: vacant, abandoned and foreclosed properties to eligible persons, not-for-profit organizations and for-profit affordable housing providers;

  (5) provide for land banking of vacant, abandoned and foreclosed properties in the County; and

  (6) to otherwise reduce and minimize the occurrence of foreclosures by coordination and use of County, State and Federal resources and programs; and

  (7) to increase and preserve the supply of safe and affordable homeownership opportunities for the purpose of growing the County's tax base revenue.

(b) Financial assistance.

  (1) The Fund may provide financial assistance in the form of loans and grants to finance programs to meet the goals of this Division for the benefit of existing and potential homeowners or renters, not-for-profit organizations and for-profit affordable housing providers in Prince George's County.

(c) Homeownership Equity Program; establishment, funding, administration.

  (1) The purpose of the Homeownership Equity Program is to finance the costs to increase access to affordable homeownership among County residents who are moderate-income buyers located within designated ZIP codes or neighborhoods inside I-495 the Capital Beltway.

  (2) Funding for the Homeownership Equity Program shall be financed pursuant to Section 10-296 of this Division.

  (3) The Homeowner Equity Program shall be administered by the Prince George's County Department of Housing and Community Development in partnership with the County Council and certified nonprofit housing counseling agencies.

  (4) Eligibility, terms, funding, property requirements.

    (A) Subject to funding, moderate-income buyers who are County residents shall be offered zero percent (0%) interest, forgivable down payment assistance loans. They shall be deferred payment second mortgage loans. The loan amount shall be up to $30,000 per qualifying buyer. The term shall be deferred for 5 years and shall be forgiven at 20% per year (fully forgiven after 5 years if owner-occupied). Eligible properties shall be single-family homes, townhomes, or condominiums located inside the I-495 Capital Beltway. The buyer's income shall be ≤ 120% Area Median Income (AMI). The minimum buyer contribution shall be $1,000 and the buyer shall complete an eight-hour buyer education course. The buyer shall use the home as a primary residence.

    (B) The initial funding for the Program shall be Two Million ($2,000,000).

    (C) The property shall be an owner-occupied single-family home, townhouse, or condominium located within designated ZIP codes or neighborhoods inside the Capital Beltway I-495, and shall pass a standard home inspection.

  (5) Select groups. Moderate-income is a requirement for this loan. First-time buyers shall be eligible for this loan. Buyers that are County residents are eligible for this loan, as well as County residents that are public sector workers, former renters in the Capital Beltway I-495, and households with multigenerational caregivers are eligible for this loan.

  (6) Application intake; underwriting; closing support; post-purchase follow-up. Application intake shall be coordinated by the Department of Housing and Community Development through certified nonprofit housing counseling agencies and lenders. The Department of Housing and Community Development shall verify income, eligibility, and home inspection. Funds provided at closing shall be recorded as a second mortgage lien. The Department of Housing and Community Development shall receive verification by the buyer that the property remains owner-occupied.

  (7) Approval of administrative rules and program guidelines. The Department of Housing and Community Development shall provide administrative rules and Homeownership Equity Program guidelines to be approved by the County Council.