
Photo by PoPville flickr user Lorie Shaull
From a press release:
“Today, the Bowser Administration announced major enhancements to the District’s homebuyer programs, including increased financial assistance and longer loan payback periods, giving District residents who are first-time homebuyers more purchasing power and a greater pathway to homeownership.
“For nearly 40 years, our homebuyer programs have given the gift of homeownership to thousands of DC residents, but as housing prices rise, we must do even more to make homeownership and affordable housing a reality for every resident,” said Mayor Bowser. “The improvements we are introducing deliver on my promise to ensure safe and affordable housing for more Washingtonians. Come January 1, when these new enhancements go into effect, we will change the way home buying works in the District. I couldn’t think of a better way to ring in the New Year.”
The enhancements are being made to homebuyer programs administered by the DC Department of Housing and Community Development (DHCD) that provide down payment and closing cost assistance. Those programs include the Home Purchase Assistance Program (HPAP), which provides assistance to first time homebuyers making up to 110 percent of the area median income (AMI); the Employee Assistance Housing Program (EAHP), which provides assistance of up to $10,000 for eligible District government employees; and, the Negotiated Employee Affordable Housing Program (NEAHP) which provides assistance of up to $26,500 for certain unionized District government employees.
“My chief mission at DHCD is to do ‘more with more’ to get residents into affordable housing,” said DHCD Director Polly Donaldson. “That includes not just producing and preserving affordable housing units, but overseeing homebuyer programs that help residents get the keys to their first home. The new changes to these programs will give District residents more down payment assistance, loan them more money and give them more time to pay back their loan. This will give them more purchasing power and put the keys in their hand faster.”
The four enhancements will: (more…)








