Many of these programs may be combined and used simultaneously
All of DCHFA’s programs are outlined for developers seeking financing, future homeowners seeking down payment and/or closing cost assistance, renters seeking affordable apartments and homeowners in need of financial relief to retain their home.
Home Purchase Assistance Program (HPAP)
There are additional perks for city employees, including deferred loans for up to $10,000 and closing cost assistance up to $1,500. The maximum first trust loan amount cannot exceed $484,350, the conventional conforming loan limit.
D.C. Open Doors
This program has provided $4 million in down payment assistance
for more than 500 home buyers since it launched in 2013.
It’s open to all applicants who:
Credit Certificate (MCC)
Launched in 2016, this program allows eligible first-time buyers to use 20 percent of the mortgage interest they paid as a credit against the balance they owe on their income taxes.
Here’s how it works: let’s say you owe $5,000 in income taxes and paid $10,000 in mortgage interest. You would be able to claim a credit of $2,000 and pay just $3,000 in taxes.
The maximum household income to qualify for the tax credit is $164,080 for a household with three or more people.