The DC Council is making another, more ambitious attempt to amend one of the city's signature down payment assistance programs.
Yesterday, Councilmember Anita Bonds, along with eight co-sponsors, introduced the “Home Purchase Assistance Amendment Act of 2019”, a bill which would increase the maximum down payment assistance offered to purchase a home by the city's Home Purchase Assistance Program (HPAP) from $80,000 to $100,000, and set the minimum assistance to $30,000.
Another major change in the new bill is that it would enable HPAP recipients to purchase homes which are in need of repair; existing rules require sellers to resolve any housing code violations before the funds are released.
"Both real estate professionals and sellers prefer to avoid sales to HPAP recipients due to the burden on the seller and processing times associated with the home repair requirements," a press release explains.
The amendments would provide access to an additional grant of up to $15,000 to make any home repairs HPAP requires, and would eliminate the ceiling for 203k renovation loans.
The bill has been referred to the Committee on Housing and Neighborhood Revitalization.
This article originally published at https://dc.urbanturf.com/articles/blog/dc-council-introduces-more-ambitious-bill-to-expand-first-time-homebuyers-p/16210.
Most Popular... This Week • Last 30 Days • Ever
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
Here's what you need to know about reporting profit made from the sale of your home.... read »
Crescent Communities recently filed plans with Montgomery County for Novel Bethesda, ... read »
Eights month after a new proposal to redevelop part of the Takoma Metro station was p... read »
As we approach the end of the year, UrbanTurf is taking a final look at the DC neighb... read »
To help home buyers and sellers both novice and seasoned, UrbanTurf is running a seri... read »
The development for four parcels at The Yards from Brookfield Properties and the Menk... read »
Plans for the New York-based eatery appear to be moving forward.... read »
The zip codes that are home to Brentwood, Takoma Park and sections of Hyattsville top... read »
EDENS filed a planned unit development for a two-building residential development tha... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro