In an effort to increase homeownership in Washington, D.C., Councilmember Anita Bonds has introduced a new bill that will increase the maximum loan amount offered through the Home Assistance Purchase Program (HPAP). The maximum amount would increase from $80,000 to $100,000. An additional plan by the bill is to set a minimum amount of assistance at $35,000 for households earning 120 percent of the Area Median Income (AMI).
When HPAP was first instituted, it offered $70,000. The program offers interest-free loans and closing cost assistance to qualified applicants to purchase residences. To be eligible, homebuyers must be a very low- to moderate-income D.C. resident and possess a good credit rating.
The bill, known as the “Home Purchase Assistance Program Expansion Amendment Act of 2018,” was co-introduced by Councilmembers David Grosso, Elissa Silverman, Brianne Nadeau, Mary Cheh, Brandon Todd, Jack Evans, Vincent Gray, Robert White, and Trayon White.