Friday, March 29, 2024
HomeNewsDC Promotes Homeownership Programs Ahead of Deadline

DC Promotes Homeownership Programs Ahead of Deadline

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DC Mayor Muriel Bowser encouraged residents on Monday to take advantage of the city’s two homeownership programs, as critical deadlines are nearing.

Low-income DC residents have two major options for homeownership: The Home Purchase Assistance Program (HPAP) and the Homeowner Assistance Fund (HAF).

DC’s Foreclosure Moratorium is scheduled to end on September 30. However, struggling homeowners can be protected from foreclosure if they have applied to HAF by the deadline.

“We know that homeownership is an important tool for closing racial wealth gaps in our city. We also know that for people without generational wealth, the idea of becoming and staying a homeowner can be daunting,” Bowser said in a press conference.

“But we have programs and resources in our city that can open doors that people may not have even thought possible. One way we can keep more Washingtonians in DC is by making sure our neighbors know about these programs and are using them.” 

The $50-million Homeowner Assistance Fund was launched by Mayor Bowser in June 2022 to provide financial assistance to residents struggling to keep up with housing related payments.

In addition to help with mortgage payments, homeowners can also request assistance in payments of housing expenses such as utilities, insurance, internet assistance, and housing association fees, through HAF. 

As for the Home Purchase Assistance Program, the maximum down payment assistance that residents can receive under it increases to $202,000 from $80,000, starting October 1, the beginning of the new fiscal year.

To see if you are eligible for the HAF program, you can visit this link. If you have further questions or would like to schedule a virtual or in-person appointment, you may call (202) 540-7407 Monday through Friday from 9 am to 5 pm.

 

 

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