Cohousing-L Mailing List: Washington, D.C., Offers Loans Up to $202, 000 for New Homebuyers

[Sharon Villines (sharon]

It may seem absurd to think you can plan a cohousing project in time to take 
advantage of city programs to encourage first time homebuyers but now that 
cohousing isn’t a strange word and the process has a strong success record, it 
could happen. What it requires is someone with the group to do all the research 
to locate such programs and be ready to move when one pops up.

Each program varies in requirements but for this one, oddly enough, it means 
haven’t owned residential property in DC for the last 3 years. Once in 3 years 
might not sound like “first time” but it's something. And the program has been 
in effect for some years — they just raised the cap from $80,000 to $202,000. 
Many of the initial purchasers at Takoma Village used a similar program in 
2000. In that one it required the developer to reserve the funds in advance — 
Ann Z would know details. Waiting until the last minute means that year’s 
allocations may be spoken for.

From Bloomberg News: Washington, D.C., Offers Loans Up to $202,000 for New 
Homebuyers

> Washington, D.C., is amending its homebuyer assistance program so that 
> first-time owners can receive as much as $202,000 in interest-free loans to 
> help with down payment and closing costs.
> 
> The maximum amount that a resident can receive will be more than double the 
> current $80,000 cap under the Home Purchase Assistance Project. Mayor Muriel 
> Bowser announced the change Monday, saying that buying a home can be 
> “daunting” to people who do not have generational wealth and that ownership 
> will help close the wealth gap among racial groups.
> 
> “We have programs and resources in our city that can open doors that people 
> may not have even thought possible,” Bowser said. “One way we can keep more 
> Washingtonians in D.C. is by making sure our neighbors know about these 
> programs and are using them.” 
> 
> Eligibility for the updated loan program, which goes into effect Oct. 1, 
> depends on family size and annual income — with priority given to low-income, 
> disabled and older residents -- and isn’t open to those who’ve owned 
> residential property in the Washington area over the past three years. Some 
> residents will qualify for five years of deferred payments, while others can 
> qualify for deferred payments until their home is sold or they move.

https://www.bloomberg.com/news/articles/2022-08-22/washington-d-c-to-lend-up-to-202-000-to-first-time-homebuyers

Sharon
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Sharon Villines
Takoma Village Cohousing, Washington DC
http://www.takomavillage.org