Housing Opportunities Commission Offering Homebuying Assistance

Silver Spring, Md. – The Housing Opportunities Commission of Montgomery County (HOC) today announced the availability of $2 million to assist eligible homebuyers with purchasing a home in Montgomery County.

HOC’s Single Family Homeownership Program will again offer funding through the Montgomery County Housing Assistance Fund (McHAF) program to provide up to $25,000 that buyers can use for down payment or closing costs. This is HOC’s ninth phase of offering homebuyer assistance through McHAF.

Program highlights include:

McHAF Loan

• Maximum McHAF loan – 40% of the borrower(s) total qualifying income with a maximum of $25,000;
• Zero percent (0%) per annum; and
• 10-year deferred loan; no interest shall accrue on the loan and no monthly installments shall be due. Pro rata due upon sale during the first 10 years. The loan will be forgiven after 10 years (other conditions apply).

Interested home buyers can learn more about the McHAF program and all HOC homeownership assistance offerings at https://www.hocmc.org/housing-opportunities/homeownership/.

Information about participating lenders can be found at: https://www.hocmc.org/housing-opportunities/homeownership/the-mortgage-purchase-program/participating-mortgage-companies/.

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About the Housing Opportunities Commission of Montgomery County (HOC)

As Montgomery County’s designated Public Housing Authority and Housing Finance Agency, HOC serves approximately 17,500 renter households, owns more than 9,400 rental units and has provided mortgages to nearly 1,200 first-time homebuyers. HOC has also financed more than 4,000 affordable units for other developers and currently is working on 15 projects with 5,500 homes (more than 2,000 affordable) in various stages of development, including new construction and renovations. HOC also provides life-enhancing supportive services that help customers reach their fullest potential. For more information, visit https://www.hocmc.org/.