"Why Rent When You Can Own?" Cambridge Works To Increase Homeown - 47 ABC - Delmarva's Choice

"Why Rent When You Can Own?" Cambridge Works To Increase Home Ownership

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CAMBRIDGE, Md. - Sherise Mobley sees a change ahead for the city of Cambridge.

"I believe that more people are saying 'no matter what I have, let's see what I can do with it," she says.

Part of the city's economic development group, Mobley helped create Saturday's COACH Day (Community Outreach For Attainable Cambridge Housing) workshop for people like recent college grad Christopher Brisco, looking into buying their first home.

Brisco tells WMDT "I set a goal for myself to make some steps of trying to own a home by the end of this year."   

City leaders say having Christopher and the nearly 50 others like him at the meeting is critical for Cambridge, where 60 percent of the residents rent instead of own.

Mobley would like to see that number shift in the opposes direction "it's more healthy when usually when the community is built up with people who have a vested stake in the community."

Designated a Priority Funding Area (PFA) by the state, Cambridge is helping to make that transition easier with incentives, like looser income qualification guidelines for certain loans, and 50% real estate taxes for the first 3 years when someone 60 and over moves to the city.     
Programs some potential homeowners didn't know were available.

"The type, the area that I live in, I didn't know how important it was...I guess easy...or how many programs there are to help out, you know, in this area," says Brisco.

Still, city leaders recognize simply moving people isn't the only answer.

"We need to see an increase in economic growth of course," says Mobley, and they're working on it.  From building up the downtown, to offering beautification grants, for Cambridge, each project is a step to something greater.

Mobley says "all the little things that we build on will build up its synergy, and this will just continue to improve here in Cambridge."

If you're interested in learning more about some of the business and home ownership incentives in Cambridge, visit Choose Cambridge online.

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