The Home Purchase Assistance Program (HPAP) enables lower- and moderate-income individuals and families to purchase affordable housing in Washington, DC. HPAP funds can be used for down payment and/or closing costs. HPAP is a forty (40) year no interest loan with payments deferred for five years.
To be eligible for HPAP assistance, you must:
- Be head of the household and a first-time homebuyer
- Meet the designated income requirements
- Not have had ownership interest in any residential real estate within the three (3) years prior to application.
- Purchase within the District of Columbia and the home must be your primary residence.
- Possess a good credit rating.
How much down payment will I need to contribute to qualify?
HPAP recipients contribute $500 or 50% of liquid assets greater than $3,000, whichever is greater. For very low- and low-income applicants, the contribution in excess of five hundred dollars ($500) may be waived by the Director where is demonstrated need and the applicant is elderly, handicapped, disabled, or displaced.
How is the loan repaid? Payment on loans made to any income-eligible household under this program are deferred for the first five (5) years. Monthly principal-only payments begin at the start of the sixth (6th) year of the loan, amortized over a 40-year period.
Additionally, because you are looking to purchase in Ivy City you could also be eligible for HPAP-E!
HPAP-E or the Home Purchase Assistance Program Enhancement Neighborhood Stabilization Program 2 designed to help stabilize the housing market and revitalize neighborhoods hardest hit by high rates of foreclose and vacant properties. Under HPAP-E down payment assistance funding increases from its current maximum amount of $44,000 to $77,000.
HPAP-E can be used in conjunction with other DHCD homebuyer programs, including the Employer Assisted Housing Program (EAHP), the Negotiated Employee Affordable Housing Program (NEAHP) and the Home Purchase Rehabilitation Pilot Program.
*To learn more and find out if you qualify for HPAP, HPAP-E or other financial assistance please contact one of the developers a part of the Ivy City Housing Initiative:
DC Habitat- Contact Annah Walters, Homebuyer Services Manager at 202-882-4600 ext 21
MANNA- Contact MANNA Mortgage at 202-832-1845 ext 209
Mi Casa- Contact Bonnie Roberts-Burke at 202-487-7653
Click on the links below to learn more about the properties
available through each developer
