When the new fiscal year begins on Oct. 1, the maximum down payment D.C. residents can receive through the district’s Home Purchase Assistance Program will raise to $202,000, a massive increase from the $80,000 previously available through the program. Those eligible for the program can receive funds to help with purchasing single-family homes, condominiums, or cooperative housing units located in the district.
The size of each loan is based on income, household size, and the number of assets each applicant can commit toward the desired property’s purchase, according to the mayor’s office. In addition to the down payment assistance, eligible residents can also apply for up to $4,000 in closing cost assistance.
The city government will also seek to help current homeowners keep up with their mortgage and bill payments to protect them after the district’s foreclosure moratorium expires on Sept. 30. To help with increasing housing costs, Bowser announced the creation of the Homeowner Assistance Fund in June to assist struggling homeowners.
When the moratorium expires at the end of next month, foreclosure proceedings will be permitted to resume unless homeowners establish an outside form of financial assistance or have an application under review. Through HAF, eligible residents can apply for grants to pay for expenses such as utilities, insurance, internet assistance, and housing association fees, according to the mayor’s office.
The district’s budget for the next fiscal year makes a number of other investments in housing programs, including offering legal services to assist heirs in maintaining their family property after the primary homeowner dies, increasing funds to help low-income homeowners repair their houses, and investing funds into repairing homes against weatherization and other damage.
We pay reparations all the time, and have been doing so for decades. Only, they never call it that, and it never counts.
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