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The district announced it is expanding financial assistance for low- and middle-income people looking to buy a home.
In October, the housing assistance program will provide between $80,000 and $202,000 to eligible families.
Mayor Muriel Bowser announced the increased funding at a press conference: “Homeownership is one way to bridge the racial divide in our city.
According to the district, families earning up to 50% of DC’s median family income are eligible for a total of $202,000, and families earning more can spend even less.
This money comes in the form of an interest-free loan and can be used to get a small loan in addition to closing costs.
Bowser said, “The way most people, mostly from Washington DC, make generational income through purchasing properties and passing them to their heirs.”
DC, who’s been trying to buy a house for years. Marcus Branch firefighters were able to take advantage of this position.
“It was a struggle for me,” he said, “but the job helped me achieve a long-held dream.”
According to the program’s website, eligible individuals must be the head of the household, have good credit, own no home, and use the home as their primary residence.
Depending on the location, the loan is deferred for the first five years and must be repaid in full immediately if the home is sold, refinanced, or if the property is not already a first time.
Many experts suggest that there was a housing market with color discrimination. Since that is gone, many individuals with different skin colors will get opportunities for homeownership.
The district also announced that on September 30, the Department of Emergency Management was closed.
This means that the foreclosure action against the homeowner who defaulted on the loan will be restarted.
The district said for some residents, foreclosure relief will be available through the DC Homeowners Assistance Fund.
Reference Source: WTop
