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Metro Brief: New income limits set for D.C. Home Purchase Assistance Program

District of Columbia

On January 12, 2015

The new income limits, determined on the median income
for the D.C. area, will help a wide range of home buyers.
Credit: districtre.com

The federal housing and urban development department has set new limits to continue promoting affordable homeownership opportunities and help a wider range of qualified low and moderate income residents to purchase their first home.

The new limits were determined based on the area median income of $107,000 for the Washington, DC, metro statistical area.

“We are also happy to announce an increase, from $40,000 to $50,000, in the gap financing we can provide to our very low income households in the District – we’re giving more assistance to those who need it the most, ” said Department of Housing and Community Development Director Michael P. Kelly.

The revised “Homebuyer Assistance Table” outlines the amount of first-time homebuyers assistance for home purchases through gap financing ranging from $50,000 for very low income households to $10,000 for moderate income households, plus $4,000 for closing cost assistance. The assistance provided is based on household income and size.'

New applicants that currently hold an active Notice of Eligibility, without an approved sales contract from the Greater Washington Urban League, Inc., are eligible for the new assistance amount. 

The income limits established shall be periodically reviewed and revised as needed by the DHCD to stay current with the household incomes in the Washington, DC area.  This chart will periodically be updated, provided that the current median income established by the Secretary of HUD for the Washington, DC metropolitan area is available. For more information about these revised requirements or the HPAP program please visit the DHCD website; www.dhcd.dc.gov.

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