The US Department of Housing and Urban Development (HUD) has made
available forgivable loan funds to assist low- and moderate-income
homebuyers with downpayment and closing costs in Prince George's County,
Maryland. Two nonprofit housing organizations have been designated to
administer the funds on behalf of Prince George's County: Housing Initiative
Partnership (HIP) and Kairos Development Corporation.
Eligibility:
_ Purchaser(s) must be first-time homebuyer(s) or not have owned a home
In the last three (3) years
_ Purchaser(s) must earn 80% or less of the area median income based on
Household size:
Household Size Maximum Income Size Max Income 1 $57,700 5 $89,100 2 $66,000 6 $95,700 3 $74,200 7 $102,300 4 $82,500 8 $108,900
Purchaser(s) must buy a home located in Prince George's County,
Maryland
Purchaser(s) must live in the home as their primary residence during the 5-
Year term of the down/payment closing cost loan; no temporary
Subleases.
Purchaser must complete intensive, HUD-certified homeownership
counseling program PRIOR to applying for ADDI funds.
Application Process:
Applicants must complete HUD-certified homeownership counseling
PRIOR to ratifying a purchase contract.
Allow 60 days for settlement. ADDI applications take time to
process.
Include a home inspection addendum in your contract. ADDI
requires the inspection to be conducted by a certified home
inspector. The Maximum award per household is $5,000.
