NEWS RELEASE FOR IMMEDIATE RELEASE November 12, 1999 DHCD Lends more than $8 million to First-time Homebuyers Through Housing Assistance Programs WASHINGTON, DC - In fiscal year 1999, the Department of Housing and Community Development (DHCD) helped more than 575 low and moderate-income Washington, DC residents become first-time homebuyers. Through numerous housing assistance programs, DHCD provided $8.09 million in deferred and low-interest loans to eligible police officers from the Metropolitan Police Department, Washington, DC residents, and Government of the District Columbia employees. DHCD housing assistance programs include: Home Purchase Assistance Program - This program provides interest-free and low-interest loans to qualified Washington, DC residents to help them to purchase houses, condominiums, or cooperative apartments. Applicants can use the loans to meet down payment and closing cost requirements. DC Employer Assisted Housing Program - This program provides deferred loans of up to $10,000 and matching down payment funds of up to $1,500 ($500 for each $2,500 saved by an employee) to Government of the District Columbia employees. DC Metropolitan Police Housing Assistance Program - This program provides financial incentives to police officers from the Metropolitan Police Department that purchase homes in Washington, DC, including deferred loans of up to $10,000; matching down payment funds up to $1,500 ($500 for each $2,500 saved by an employee); income tax credits of $2,000 per year for five years; and property tax credits for five years, which is on a sliding scale basis of 80% in the first year down to 20% in the fifth year. Police officers who live in Washington, DC are also eligible to keep their patrol cars during off-duty hours. The combination of homeownership and community policing initiatives help support Mayor Anthony A. Williams’ neighborhood revitalization efforts. "Our housing assistance programs exceeded our expectations this year by 20 percent, and we are so pleased at our programs results that we are exploring the option of expanding eligibility requirements to include high-income and non-district residents," said Othello Mahone, Interim Director for Housing and Community Development. "We are working closely with Eric Price, who is our new Acting Deputy Mayor of Planning and Economic Development, to ensure Washington DC residents continue to have access to affordable housing." DHCD partners with the Greater Washington Urban League (GWUL) and several community-based organizations to help residents apply and complete its programs. Based on income, household size, down payment resources, and other factors, GWUL informs residents of the financial assistance amount and the housing price range they are eligible for under the housing assistance programs. Once GWUL confirms that a resident has received a first trust loan, a DHCD loan is administered. In fiscal year 1999, eligible applicants secured more than $54.7 million in first trust loans. For more information, please contact Tia Matthews, Public Information Officer for the Department of Housing and Community Development, at (202) 442-7259.