It appears that DC's Home Purchase Assistance Program (HPAP) has temporarily run out of funds.
Earlier this week, DC's Department of Housing and Community Development (DHCD) announced that all available funds for the city's HPAP program had been reserved.
"Effective immediately, HPAP is temporarily unable to accept sales contracts as all available funds for down payment and closing cost assistance have been reserved," DHCD stated. "This includes sales contracts with funds from the Employer Assisted Housing Program (EAHP) and Negotiated Employee Assistance Housing Program (NEAHP)."
HPAP gives first-time homebuyers in DC interest-free loans and help with closing costs to those who qualify. The amount awarded is based on income, the size of your household, and the amount of your down payment. HPAP offers a maximum of $202,000 in assistance and an additional $4,000 in closing costs.
Only buyers that have a ratified sales contract to purchase a home and have a closing date confirmed by HPAP are still eligible to receive HPAP funds. HPAP buyers that didn't submit a purchase contract before June 23, 2023, will be considered for funding once it becomes available, estimated to be in October.
"There are potentially hundreds of buyers with contracts on homes who will now be in default without these funds and at risk of losing earnest money deposits and wasting money on home inspections and other fees that will not be refunded," realtor Evan Marbury wrote to UrbanTurf.
UrbanTurf will continue to monitor when more HPAP funding becomes available.
This article originally published at https://dc.urbanturf.com/articles/blog/dcs_home_purchase_assistance_program_exhausts_funds/21188.
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