Washington, DC – As we speak, Mayor Muriel Bowser and the Division of Housing and Group Improvement (DHCD) urged residents to make the most of two necessary homeownership packages: the Dwelling Buy Help Program (HPAP) and the Home-owner Help Fund (HAF). Each packages have dates arising that residents ought to find out about: On September 30, the District’s Foreclosures Moratorium will finish, however owners who’ve struggled to maintain up with mortgage and invoice funds can get safety from foreclosures if they’ve utilized to HAF by the deadline. Moreover, on October 1, which marks the beginning of the brand new fiscal yr, the utmost down fee help that residents can obtain via HPAP will enhance from $80,000 to $202,000.
“We all know that homeownership is a vital device for closing racial wealth gaps in our metropolis. We additionally know that for individuals with out generational wealth, the thought of changing into and staying a home-owner might be daunting,” stated Mayor Bowser. “However we’ve got packages and assets in our metropolis that may open doorways that individuals could not have even thought doable. A method we will maintain extra Washingtonians in DC is by ensuring our neighbors find out about these packages and are utilizing them.”
The Mayor launched the $50-million Home-owner Help Fund in June 2022 to offer monetary help to residents struggling to make housing associated funds. By means of HAF, eligible owners can apply for grant funding to cowl mortgage funds and different property or housing bills, together with utilities, insurance coverage, web help, and housing affiliation charges. When the foreclosures moratorium ends in September, foreclosures proceedings could resume except owners have an present monetary help software underneath assessment, pending approval, pending fee, or underneath attraction by the HAF program. Extra data, together with eligibility necessities, might be discovered at haf.dc.gov. candidates may additionally name (202) 540-7407 Monday via Friday from 9 am to five pm if they’ve questions or wish to join with a housing counselor for a digital or in-person appointment. As of August 15, 2022, 875 HAF purposes have been submitted and one other 1,244 residents have began purposes.
For residents who need to turn into owners, HPAP offers interest-free loans and shutting price help to certified candidates to buy single household homes, condominiums, or cooperative items within the District. The mortgage quantity relies on a mix of things, together with revenue, family dimension, and the quantity of property that every applicant should commit towards a property’s buy. Along with the HPAP down fee help, eligible homebuyers may additionally be eligible for $4,000 in closing price help. Residents can discover extra details about HPAP, together with how a lot help they qualify for and the right way to begin the HPAP course of, at dhcd.dc.gov.
The Dwelling Buy Help Program Homebuyer Help Desk displays homebuyer help quantities based mostly on family revenue.
“Proudly owning a house is a method to construct wealth, particularly in a thriving metropolis like DC, however rising prices have put this objective out of attain for too many residents,” stated Deputy Mayor for Planning and Financial Improvement John Falcicchio. “The Dwelling Buy Help Program helps first-time owners obtain this necessary milestone. It is usually yet one more instance of how the District will help shut the racial wealth hole by making homeownership accessible to residents who’ve traditionally been left behind.”
Along with HPAP and HAF, the District has greater than 50 assets to assist District residents thrive as owners, and residents can be taught extra about these packages at frontdoor.dc.gov.
“After we say the District isn’t solely serving to individuals acquire homeownership, but in addition preserve homeownership, we imply it,” stated Division of Housing and Group Improvement (DHCD) Interim Director Drew Hubbard. “And that can assist you in your approach and as proof of our dedication, we’ve bought a community of community-based organizations to assist. So, name on us wherever you might be in your homeownership journey.”
Mayor Bowser’s FY23 Price range makes further investments in most of the District’s housing packages, together with:
- Funding the Dwelling Buy Help Program (HPAP) and the Employer-Assisted Homeownership Program (EAHP) at $21 million and $6 million respectively, a rise of $3.1 million throughout the 2 packages from FY 2022 ranges;
- Offering Heirs Property Authorized Providers to help 1,000 people from multi-generational households in sustaining their household property after the unique house owner passes;
- Decreasing the annual enhance cap to property taxes for seniors from 5% to 2%;
- Rising funding for the Single-Household Residential Rehab program, which helps low-income owners restore their houses;
- Investing greater than $12 million in house weatherization, lead and mildew remediation, and FloodSmart houses packages to assist residents make their houses safer, more healthy, greener and extra inexpensive.