New Programs for DC Homebuyers
These new Washington DC programs might help bridge the gap for homeowners.
“Affordable Homes” and “Washington, DC” are two things that aren’t often associated with each other. Homeownership is not accessible to everyone and is getting less possible as prices increase. In August, Mayor Bowser announced some potential options to help combat this crisis. These include helping people purchase a home or helping them stay in their homes if they experience financial hardship. Here are two programs that I think will help bridge the gap:
1. The DC Home Purchase Assistance Program. Also called HPAP, this program has increased the maximum down payment assistance for buyers from $80,000 to $200,000. There are eligibility requirements based on household size and income. Also, to qualify, you cannot have owned any real estate in the last three years, and the home you purchase must be in Washington, DC.
It’s important to note that this isn’t free money, but rather a downpayment assistance loan. This means that a buyer who previously qualified for up to a $300,000 loan could now qualify for up to $500,000 and have the same monthly payment as the lower amount. The loan just needs to be repaid by the time the home is sold.
"Homeownership is not accessible to everyone and is getting less possible as prices increase."
2. The Homeowner Assistance Fund. This program is intended to help homeowners who are experiencing financial hardship so they can stay in their homes. If they are struggling with their housing or utility payments, the program helps with that. To qualify, you only need to be a DC resident, a homeowner, and have experienced financial hardship since 2020. This could help homeowners avoid foreclosure or living in homes that are in disrepair.
If you have any questions about either of these programs, please don’t hesitate to reach out. You can visit this website for more info, or you can call or email me. I’d love to help you out.