DC Bond Program
The DC Bond Single Family Mortgage Program offers a 30 year, fixed rate mortgage and includes up to $10,000 in down payment and closing costs assistance. The program provides the opportunity for qualified applicants to purchase homes, condominiums, or cooperative units and qualified applicants are eligible for financial assistance to meet down payment and closing costs needs. The loan amounts are based on a combination of factors including income, household size, and the amount of assets each applicant must contribute towards the property’s purchase price. Often times this program can be used in conjunction with other homebuyer assistance programs offered by the DC Department of Housing and Community Development (DHCD), the DC Housing Authority (DCHA) including the Employer Assisted Housing Program (EAHP), the Negotiated Employee Affordable Housing Program (NEAHP,) and its Home Purchase Assistance Program (HPAP).
Home Purchase Assistance Program
The Home Purchase Assistance program provides interest-free loans and closing cost assistance to qualified applicants, which provides the applicant with the opportunity to purchase houses, condominiums, or cooperative units. The loan amount is based on a combination of factors, including income, household size, and the amount of assets that each applicant must commit towards a property’s purchase. Loans provided are subordinate to private first trust mortgages. Eligible applicants can receive a maximum of $40,000 in downpayment assistance and an additional $4,000 in closing costs assistance. The HPAP 0% interest loan is deferred for the first five-years, and amortized over 40 years.
Employer Assisted Housing Program
The Employer Assisted Housing Program (EAHP) provides assistance to employees of the District of Columbia Government who are first-time homebuyers in the District. Employees of District government agencies may be eligible for matching down payment funds up to $1,500 and a deferred loan of up to $10,000. In addition, applicants who apply and qualify for the program receive additional income tax and property tax credits.
Negotiated Employee Affordable Home Purchase Program
The Negotiated Employee Affordable Home Purchase Program (NEAHP) provides down payment and closing cost assistance to certain Government of the District of Columbia employees whose position is covered by specific collective bargaining agreements. The program assists eligible union employees with financial assistance through a grant, to be used toward the purchase of a primary resident in the District of Columbia. Grant assistance levels range between $3,000 and $26,500, depending on the union member's years of service. NEAHP is a collaborative initiative between the D.C. Department of Housing and Community Development (DHCD), the Office of Labor Relations and Collective Bargaining (OLRCB) and Various Labor Organizations Representing District of Columbia Government Employees.
DC Bond Single Family Mortgage Program