[Laurel, MD, October 23, 2024] – The City of Laurel is proud to announce the launch of its First-Time Homebuyer Assistance Program, designed to provide financial support to first-time homebuyers looking to purchase a home within the city limits of Laurel, Maryland. The program aims to increase homeownership opportunities and make the dream of owning a home more accessible and affordable for individuals and families.
Through this initiative, the City of Laurel has allocated $60,000 from its FY2025 budget to offer $5,000 grants to 12 qualified first-time homebuyers. These grants can be used to assist with down payments or closing costs on a single-family home, townhouse, or condominium within the city limits. The program not only supports homeownership but also strengthens the Laurel community by encouraging long-term residency.
Key Eligibility Requirements:
- Homebuyers must settle on an eligible home between October 1, 2024, and June 30, 2025.
- The purchased home must be located within the City of Laurel.
- Applicants must occupy the home as their primary residence within 60 days of settlement and for at least three years.
- The household income of all owners must not exceed $100,000 at the time of settlement.
Important Documentation: Before receiving the $5,000 grant, home buyers must provide documents such as the settlement statement, proof of income, and photo identification. Full details on the program's requirements and the application process are available on the City's website.
Mayor Keith A. Sydnor expressed the City’s dedication to fostering homeownership, saying, “Owning a home is not just a milestone, it’s an investment in the future—both for individuals and for our community. The City of Laurel is committed to providing the resources necessary to help families achieve this dream and to strengthen our city's neighborhoods. This program is a testament to our belief in Laurel’s bright future and our residents' ability to thrive.”
Laurel’s First-Time Homebuyer Assistance Program is a significant step in supporting residents as they take the important step toward homeownership. It underscores the City’s commitment to empowering families and individuals while fostering a thriving, stable community.
For more information on eligibility, required documentation, and how to apply, please visit www.cityoflaurel.org or contact the City of Laurel’s Department of Economic and Community Development at (301) 725-5300.
