Starting Oct. 1, first-time home buyers may qualify for as much as $202,000 in assistance from the city.
This increase to HPAP, Bekele said, is in line with the strike force’s mandate to make homeownership more accessible to Black families. A spokesman for DCHCD said later the mayor recommended expanding the program as part of her budget proposal in March.
Roughly 350 people have received assistance through the program since Bowser took office in 2015, officials said.During her first term in office, Bowser doubled the amount of down-payment assistance that potential home buyers could receive from the Home Purchase Assistance Program and created a program specifically meant to provide financial aid to city workers, teachers and first responders — applicants to that program can receive an additional $20,000.
Officials said they’re hoping to equip residents to purchase homes even as real estate prices continue to hit all-time highs. “If you look back historically where there have been dips in the housing market nationally, we haven’t felt that as much as other regions,” Falcicchio said. Raising the cap on how much assistance prospective home buyers can receive “puts those who participate in the program on equal footing in a market where people are looking for that first home that’s maybe a condo or a home that isn’t at the higher end of what homes can go for in the District.
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