What is the difference between a targeted area and a priority funding area?
Targeted areas are federally designated areas that are considered distressed or areas in which 70% or more of the families have an income which is 80% or less of the statewide median family income. In targeted areas, purchasers using the CDA Maryland Mortgage Program do not have to be first time homebuyers. Priority Funding Areas (PFAs) are areas designated by jurisdictions in conjunction with the State as areas in which growth should occur. Purchasers using the CDA Maryland Mortgage Program may buy existing homes anywhere in the State, but new construction must be in Priority Funding Areas.
