Department of Housing and Community Development: Changes To HPAP Regulations

News Release for Immediate Release

June 30, 2006

DHCD Announces Changes To Home Purchase Assistance Program Regulations

Changes Will Allow the Department to Better Assist Low-To-Moderate Income District Residents with Purchasing a Home

(Washington, DC) The D.C. Department of Housing and Community Development (DHCD) announces changes to the regulations for the Home Purchase Assistance Program (HPAP). The changes will allow the Department to better meet the needs of low-to-moderate income residents who seek to become first-time homebuyers.

“Under the new regulations, the Department will be able to adjust assistance levels yearly based on current market trends. The minimum required contribution from HPAP homebuyers will also be reduced. The changes also include additional modifications that will aid residents in finding and affording a home in the District. All changes appear in the June 30, 2006 DC Register and are effective on that same day.

“We are excited about the changes to the Home Purchase Assistance Program,” said Jalal Greene, DHCD’s director. “By being able to adjust the assistance level based on market trends, we will be better positioned to provide the level of assistance needed to help low- and moderate-income residents realize the dream of homeownership.”

Overview of Changes:

The Department can now establish HPAP assistance levels each year based on real estate market trends.
The minimum required contribution of HPAP homebuyers has been reduced.
The HPAP Notice of Eligibility Period has been extended to 180 days.
The HPAP repayment terms have been eased.
The HPAP requirement for District residency has been converted to a preference. District residents will be the first priority. Applications for eligible non-residents will only be processed when there are no pending applications from District residents.

About DHCD

The mission of the Department of Housing and Community Development is to be a catalyst in neighborhood revitalization by strategically leveraging public funds with private and non-profit partners to preserve, rehabilitate and promote the development of housing, increase home ownership and support community initiatives that benefit low-to-moderate income residents.