All over Prince George’s County, people are moving into foreclosed homes for prices cheaper than many other people paid for their homes. And, for the most part, Prince George’s homeowners are perfectly fine with it.
In some areas of the country, government assistance, aimed at keeping and getting people into foreclosed homes, is really angering residents, but not in Prince George’s County. Residents are seeing their property value plummet and their property taxes skyrocket so they are encouraged to see any assistance.
“Too many families have left our county due to foreclosure and high taxes which has affected our synergy as a county,” said James Dula, chairman of the Maryland branch of the Southern Christian Leadership Conference and former chairman of the Prince George‘s County Chamber of Commerce. “The foreclosure crisis has resulted in the loss of families, businesses and taxes while affecting who we are as a county.”
Lake Arbor resident Adrian McQueen agrees. He said he’s frustrated with seeing his property value steadily decrease and thinks that help is necessary.
“As a homeowner I want these people to get assistance,” McQueen said. “People foreclosing is ruining my property value. The more foreclosures in the market, the higher my taxes will be because the county has to make up for all the vacant homes where taxes aren’t being paid. No matter how much we make, some assistance is needed.”
Due to the rise in taxes and neighborhood blights, county officials said they had to take action. The county had so many vacant properties that they decided to find a way to get people into those homes.
As a part of the Neighborhood Stabilization Program, Prince George’s officials created the Down Payment on Your Dream initiative. This provides down payment and closing cost assistance to first-time homebuyers and people who haven’t owned a home in three years, when they purchase vacant foreclosed property in the county.
“I know that the economic times we are in are tough,” said Prince George’s County Executive Rushern Baker in a statement. “However, history has taught us that tough times don’t last forever. As a result of our county’s progress over the last seven years, we are well positioned to address the challenges we face. That’s why the Prince George’s County Government is administering this program.”
Under the program, very low-income families are eligible for up to $60,000 in loans from the county. Some county homeowners who bought their homes the old-fashioned way don’t think it’s fair, but understand why the program is necessary.
“You have to think about the type of person you are” said Christopher Cheatham, a Lanham resident. “A selfish person will protest, but a non-selfish person will say, ‘If it helps them, I am all for it.’ For me, I would like for people to be self-sufficient, but some people just are not able, and I believe everyone should have a chance to live a decent life with a roof over their heads.”
There are 33 zip codes eligible to receive funding including “target” zip codes in Upper Marlboro, Bowie, Largo and Fort Washington.
Currently there are no funds available for the program, but county officials hope to replenish the coffers. No timetable has been set for that. The program was started in the county in 2009 and has helped over 500 families so far.
