Photo by PoPville flickr user Faucetini
On Friday, April 29, 2011, the DC Office of Planning (OP) released a Request for Applications (RFA) for up to $200,000 in matching homeownership grants, to be administered by qualified employer(s) based in the District of Columbia. In partnership with selected DC employers, the Live Near Your Work (LNYW) pilot program will provide grants for down-payment and closing cost assistance to individual employees. OP will match employer contributions (up to $6,000 per participating employee) to attract and retain DC residents, with the primary purpose of encouraging employees to live close to their place of employment and/or transit.
CityPaper’s Lydia DePillis asks:
“the grants are available to people at any income level—might this grant just throw free money at people who were planning to move somewhere else anyway?”
What do you guys think – is the good idea? A good use of money during a tight budget?