Affordable Housing

The median home price in Frederick County more than doubled from $148,000 in 2000 to $310,000 last year. But median household income rose by a paltry $12,050 over the same period. These aren’t partisan figures: these data are from a study released in March 2, 2005 by the Governor’s Workforce Housing Taskforce.

The economic boom in Frederick County is passing by its hardest working residents. More and more young families just starting out are moving out of the County to find homes they can afford. And more and more of our low- and middle-income families are finding themselves trapped in increasingly more expensive rental units.

The best way to help people make it on their own is to help them build the assets the rest of us have come to take for granted. And home ownership is the single most important element in long-term financial stability. We must therefore find innovative ways to help people build an investment in their own home in Frederick County.

If elected, I will work diligently with Federal, State, and County organizations to improve the chances for our residents to find and afford to own housing in the County.

We could consider, for example, developing equity funds that can finance mortgages for low- and moderate-income home buyers.

We might also work with the Community Development Administration to extend its Maryland Mortgage Payment Program to more low- and moderate-income residents. This program provides down payments for low- and moderate-income first-time home buyers through low-interest loans. It is a great way to help families to purchase their own homes.

We owe it to our hardest working residents to ensure they are not excluded by Frederick County’s economic boom. All Frederick County residents deserve the same opportunity for financial stability offered by affordable home ownership. Please send me back to Annapolis so I can help us achieve this goal.