ONLY ON NEWSCHANNEL 8

Montgomery County (web | news) , Md. - Buying a house may seem like a far off dream in the current financial climate, but Montgomery County is taking steps to make home ownership an affordable reality for its employees.

Normally, coming up with cash up front for closing costs and down payments is what scares first-time home buyers away. But now, county officials stressed that the current housing market can offer some great deals and they can help with taking those first financial steps.

Carmen Berrios works behind the scenes at Montgomery County council headquarters. Last year she wanted to buy her first house. "The problem was, you know, Montgomery County is so much more expensive compared to the neighboring jurisdictions. So the question was how do we stay in Montgomery County?"

Her answer came in a county loan of $10,000, which covered all of her closing costs on the purchase of a townhouse in a Germantown neighborhood. "$10,000 wasn't everything, but it was a great help and a nice boost," said Berrios.

Now, the county has joined the state's Home Keys for Employees program. It means county employees who apply for county loan assistance will now be eligible for up to $5,000 additional in matching state funds. "This gives them up to $15,000 which is a major part of the down payments and closing costs," said Rick Nelson, Montgomery County Department of Housing and Community Affairs.

Officials hope the extra home buying help will keep the housing market moving. "Whatever we can do to get people into homes right now we know is one of the most significant things we can do to stimulate our economy," said Michael Knapp, Montgomery County Council president.

So how can the county afford more help for its employees when Montgomery is facing budget shortfalls of it's own? "When you look at the amount of money that we're talking about given the tax revenues that we ultimately receive I think this is a bargain for us," said Ike Leggett, Montgomery County executive.

If you ask Berrios, it's a bargain that goes both ways. "There's no reason you should leave money sitting on the table," said Berrios.

There are some limitations to the plan. Only first time home buyers are eligible for the program. There's also a maximum income requirement, on average, about $107,000 a year. Also, the house has to sell for less than $430,000 and not all unions have signed onto the deal, so currently firefighters, teachers, police officers, park and planning officials, and Montgomery College employees cannot take advantage of the extra state funds.

Unions have to agree to allow their employees to take advantage of the program. The council president said it's just a matter of asking the unions and he sees no reason why they would say no.

 Email To Friend