Can an MPDU owner refinance their MPDU at current market value?

Technically yes, but the owners cannot refinance for more than the MPDU value, as determined by Department of Planning and Zoning. In addition, the owner must be aware that he/she is required to sell the unit to another MPDU-eligible household at a price set by the city if he/she sells during the occupancy period. Therefore, it is dangerous to refinance up to the new market value and take all the equity out of the property. If the owners are forced to sell shortly after the refinancing and before the occupancy period is completed, they could be put in severe financial jeopardy. Contact the Department of Planning and Zoning at 410-263-7961 for additional information.

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1. How are the prices of for-sale units determined?
2. What is the occupancy period on a for-sale MPDU and what does it mean?
3. What other financial means does an applicant need to purchase an MPDU?
4. What other monthly costs besides a mortgage payment must I pay if I purchase an MPDU?
5. What are the requirements for the homebuyer classes?
6. Do you provide financing for my home?
7. Is assistance offered for down payment and settlement expenses?
8. Can a buyer add upgrades to the allowable sales price of a unit and included in the mortgage?
9. Can a buyer have a cosigner for a mortgage loan?
10. What is the occupancy period for purchased MPDUs? What does this mean in terms of reselling a unit?
11. If I pay off my mortgage, does my obligation to the MPDU program remain in effect?
12. Can an MPDU owner refinance their MPDU at current market value?