4 financial resources for D.C. homebuyers
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Mayor Muriel Bowser launched the District's Black Homeownership Strike Force in 2022 with the goal of helping thousands of Black D.C. residents become homeowners by 2030.
Why it matters: The U.S. Black homeownership rate (45.9%) is nearly 30 percentage points lower than the white homeownership rate (73.8%), per the latest from the Federal Reserve.
Zoom in: Down payment assistance programs are one tool helping to close the racial homeownership gap.
- For example, IT consultant Kevin Malloy bought his 2,500-square-foot Waldorf (Md.) home back in 2020 with the help of a VA loan. He put no money down on the $377,500 house.
- "I would have not been able to buy a home without a VA loan. It would have taken me years to save enough money — at least five years, if not more," Malloy tells Axios.
What's happening: There are a number of programs in the District aimed to help low-income folks get into a house, or hold onto real estate.
- Home Purchase Assistance Program (HPAP): Eligible first-time buyers may receive up to $202,000 in down payment and closing cost assistance.
- Heirs Property Assistance Program: This program is aimed at helping low-income families build generational wealth by obtaining clear legal title of real estate upon the death of their family member.
- DC Homeowner Assistance Fund: If you've faced COVID-19-related financial hardship, this program helps provide relief.
- Homes by CFE: Eligible buyers can receive up to $100,000 in downpayment assistance.
Of note: HUD has a variety of homeowner education tools, from figuring out how much house you can afford to finding aid for home repairs.