Yeah, I hadn’t actually heard of HPAP either until I received a number of emails about it. From a reader:
“This is a pretty big deal- was only able to buy my condo here in Columbia Heights because of this amazing program. Housing prices locally might finally start to see some of the collapse in the rest of the country if this program disappears. Can you send out a note to people?
Basically, the concept of HPAP program is that if you meet certain low-income requirements, you can get up to $70,000 as a downpayment on a house, which never has any interest, you don’t have to start paying back for 5 years, and then have 40 years to pay back. I know, sounds too good to be true- but it’s not, I personally used the program. And they’re talking about eliminating it. Make them stop!”
You can read more and learn how to sign a petition after the jump.
Update: The Post is reporting that it actually has passed. Their story can be found here.
Update 2: From comments – “This is from Councilmember Barry’s office, regarding the conflicting post article about $50m being approved for HPAP. It was wrong. HPAP is indeed still frozen:
The report in the post story is wrong. I plan to reach to them for a correction. The 50 million (which is incorrect too) is for the Housing Production Trust Fund. The 11 million in HPAP funding is frozen per the action the Council the other week. We exploring ways to restore the funding but nothing concrete has come about yet. The best bet for now is to direct residents to DHCD’s website via dc.gov, updates on the situation will posted there.”
