The nation's capital is hoping to increase the funding support offered to households through the Home Purchase Assistance Program to help more people afford the critical first step of buying a home.
Washington, D.C. is considering an expansion of its Home Purchase Assistance Program (HPAP). Elizabeth Falcom reports that the D.C. Council held a hearing on January 7, 2016 "to consider raising the maximum amount [HPAP] applicants, from $50,000 to $80,000."
The article includes a lot more detail about how the program works, including a discussion of how the award available under the program has fluctuated over years. The most recent fluctuations mean the program has some catching up to do:
In 2008, the award amount was capped at $70,000. But when the recession hit, federal and local resources shrank, and the award amount dipped to $40,000 per purchase. While that rose to $50,000 in 2014, that jump paled in comparison to the rapid increase in the cost of buying a home here.
According to Falcom, the proposed adjustment has a wide range of support, including from the Department of Housing and Community Development, which manages the program. Earlier this week, Aimee Custis reported that Washington, D.C is also considering an expansion of its inclusionary zoning policy to also help more people afford housing in the nation's capital.
Read the full story: DC has a program to help first-timers buy a house, and it may start giving more aid
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