Mortgage Initiative to Be Announced in Prince George's County - NBC4 Washington

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Mortgage Initiative to Be Announced in Prince George's County

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    Mortgage Initiative to Be Announced in Prince George's County
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    'For Sale' sign in front of house

    Maryland officials are scheduled to announce a new program aimed at helping eligible Prince George's County residents buy homes.

    Attorney General Doug Gansler and Acting Maryland Department of Housing and Community Development Secretary Clarence Snuggs are scheduled to attend the announcement Thursday in Hyattsville. County Executive Rushern Baker also is scheduled to attend.

    The $100 million program is designed to stabilize county neighborhoods by promoting homeownership. Officials say it's expected to help an estimated 500 families.

    The initiative is the result of a partnership between the Maryland Department of Housing and Community Developing, Prince George's County and the attorney general's office. It will use a portion of $10 million set aside for Prince George's County as part of a settlement between the nation's attorney generals and the five largest lenders.