“Through DC Open Doors and HPAP, I was able to receive the maximum allowed $80,000 plus $4,000 for the closing cost and a really good interest rate that is really hard to get.”
Elisabete Gaffney’s journey to homeownership accelerated after attending one of the DC Open Doors bimonthly Homebuyers’ Informational Sessions. It was here that she first discovered the HPAP and DC Open Doors program. Gaffney was able to receive great interest rates without being in the top tier of credit scores, which allowed her homebuying process to be much smoother than originally anticipated. “Through DC Open Doors and HPAP, I was able to receive the maximum allowed $80,000 plus $4,000 for the closing cost and a really good interest rate that is really hard to get,” said Gaffney. She also appreciated how programs such as HPAP did not prolong her route to homeownership. It only took Gaffney 45 days to close on her dream home. “I was able to buy a single-family home, 962 square-feet with 5,000 square-feet of land because of these programs.” In June 2018, Homeownership Month, Gaffney and her two children moved from their small apartment into their family home in Ward 7.
Walker Sands purchased a Mortgage Credit Certificate (MCC) when he bought his first home with down payment assistance from DC Open Doors in 2018.
Walker Sands purchased a Mortgage Credit Certificate (MCC) when he bought his first home, a condo in Petworth (Ward 4) with down payment assistance from DC Open Doors in 2018.
“Open Doors helped me secure a down payment to purchase a condo in one of my favorite D.C. neighborhoods, Petworth. As a homeowner here, I feel a duty and an honor to preserve the neighborhood’s community and contribute to D.C.’s growth.”
“DC Open Doors promotes progress and preserves communities in our capital. I am so proud that this program has been kept alive because it kept my dream of homeownership alive. As a community organizer and black professional, me and many of my friends have been able to stake a claim in the District we love. Most importantly, I see Open Doors as a proponent of the middle class and socioeconomic opportunity for all. This is an invaluable opportunity to create and define your value in D.C. and in your life.”
As a native Washingtonian, being able to stay in the city is a blessing.
Sakira Cook was able to purchase her home with the help of DCHFA’s Housing Investment Platform (HIP) and DC Open Doors. Cynthia Townhomes is the second project under HIP, and it consists of 15 townhomes in Ward 7’s Marshall Heights neighborhood. Through DC Open Doors, aspiring homebuyers can get the down payment assistance they need to purchase a home. Saving up for a down payment can be one of the biggest hurdles to homeownership, so helping District residents fill that gap is crucial.
The Housing Investment Platform (HIP) is a single family investment program designed to create more affordable housing throughout the District of Columbia. DCHFA partners with developers to provide affordability in exchange for a lower preferred return hurdle.
The goal of HIP is to invest in real estate transactions that produce for sale houses, condos, and townhomes for people in the 60-120% median income range.
“As a native Washingtonian, being able to stay in the city is a blessing.” – Sakira Cook
Chelsey Kelly shares how DC Open Doors helped her to become a homeowner in Southwest, D.C.
Watch Delia Garcia’s story of how her dream of owning a home in the nation’s capital became a reality with DC Open Doors and the Mortgage Credit Certificate.
Washington, D.C.- Today the District of Columbia Housing Finance Agency (DCHFA) announced its first closing of the Home Purchase Assistance Program (HPAP), enabling lower and moderate-income individuals and families to purchase affordable housing in Washington, D.C. The announcement is part of June Housing Bloom, Mayor Muriel Bowser’s month-long initiative that showcases how the public and private sectors are partnering to both produce and preserve affordable housing and revitalize neighborhoods across the District.
Ward 7 residents Leonidas Saturria Rosario and Lurden Martinez de Saturria were the first to receive assistance from HPAP since DCHFA became the program’s co-administrator. After more than five years of living in a small apartment with their three children, Lurden and Leonidas are now the proud owners of a four level townhome in Ward 7’s Deanwood neighborhood.
“We are happy and satisfied that our prayers of being homeowners have been answered,” stated Martinez de Saturria, We won’t be priced out of the market and can afford to stay in D.C. thanks to HPAP.”
“Congratulations to Lurden and Leonidas. Their home purchase is a true representation of one of DCHFA’s goals of expanding homeownership in the District,” stated Todd A. Lee, DCHFA’s Executive Director, “DCHFA’s service as a co-administrator of HPAP allows the Agency to gladly serve more firsttime homebuyers.”
DCHFA’s first HPAP closing is among a series of the Agency’s June Housing Bloom announcements. On June 20, DCHFA will begin offering an additional loan product, Freddie Mac’s super conforming mortgages, with a maximum loan limit of $636,150. The higher loan limits, lowers mortgage financing costs for borrowers located in high-cost areas by decreasing the minimum down payment requirement, thus assisting more moderate income (up to 120 percent Area Median Income (AMI) households purchasing a home located within the District.
During the June 1 kick off of June Housing Bloom, DCHFA also launched its Closing Cost Grants Giveaway, with grants available to qualifying borrowers in the amount of $1,500. Potential buyers that are interested in receiving a closing cost grant should visit www.DCOpenDoors.com and contact one of the participating lenders. The maximum borrower income for all DC Open Doors loan programs is now $132,360 widening the range of buyers that may qualify for the program.
HPAP is the DC Department of Housing and Community Development’s (DHCD) first-time homebuyer program. DHCD named DCHFA as the HPAP co-administrator in December 2016. The Agency joined the Greater Washington Urban League and began operations as HPAP co-administrator on March 1, 2017. HPAP provides down payment and closing cost assistance in the form of interest free loans to qualified applicants for the purchase of their primary residence, to include single family homes, condominiums, or cooperative units in the District. In late 2016, Mayor Bowser announced several enhancements to HPAP, including increased financial assistance and longer loan payback periods, giving District residents who are first-time homebuyers more purchasing power and a greater pathway to homeownership.
“As DHCD creates ways to deliver services faster, we knew that by adding a respected partner like DCHFA as an HPAP administrator, we would be able to better serve District residents,” said DHCD Director Polly Donaldson. “We are already seeing the pay off as a result of DCHFA’s first HPAP closing, and we congratulate them on this achievement.”
The District of Columbia Housing Finance Agency was established in 1979 to stimulate and expand homeownership and rental housing opportunities in Washington, D.C. We accomplish our mission by offering below market rate mortgage loans to lower the homebuyers’ costs of purchasing homes and by issuing mortgage revenue bonds to lower the developers’ costs of acquiring, constructing and rehabilitating rental housing.
As the District of Columbia Housing Finance Agency’s HomeSaver program winds down, DCHFA is highlighting the accomplishments of the program, which has helped residents in every ward avoid foreclosure. HomeSaver is a part of the U.S. Treasury’s Hardest-Hit Fund Initiative, which is designed to assist unemployed and under-employed homeowners in states and jurisdictions with above average unemployment rates – including the District of Columbia.
Shari-Ruth Goodwin was one of those homeowners. She used HomeSaver to keep her home in the Woodridge neighborhood. Goodwin was working as a librarian when she lost her job and she got behind on her mortgage.
“When I was laid off I was working on my second master’s degree,” Goodwin said. “Because of this program I was able to finish my master’s and get my next job.”
She added that if it were not for HomeSaver her son would not have been able to stay in college. Goodwin, a native Washingtonian, truly feels the program is an investment worth making in hard-working people who live in communities here in the nation’s capital but have dealt with setbacks from job loss.
Goodwin’s story shows the impact that HomeSaver has had on homeowners in the District. Hundreds of Washington families have their own HomeSaver success stories. Here are some statistics on the program.
HomeSaver, At a Glance
- Approximately 750 households in Washington, D.C. will have been assisted by the conclusion of the program
- 95 percent of homeowners retained their homes 24 months after receiving assistance
- Washington, D.C. was 2nd among all states/jurisdictions to commit all available funds
- Washington, D.C. was 2nd among all states/jurisdictions in approval ratio of program applicants
As the statistics show, the DCHFA has been one of the most successful agencies in the country in terms of committing funds to homeowners who are at risk of going into foreclosure. Due to this efficiency the DCHFA has reached its full program funding commitment and is no longer accepting new applications.
The DCHFA has been proud to partner with District government to strive for affordable homeownership, especially for those in need. HomeSaver and other DCHFA affordable homeownership initiatives have been supported by Mayor Vincent C. Gray.“We recently announced an unprecedented $187 million investment in affordable housing in the District of Columbia,” Mayor Gray said. “In addition to that investment, the DCHFA’s efforts through HomeSaver and other programs play a vital role in making homeownership more affordable in our city. My administration will continue to work together with partners like DCHFA to establish more groundbreaking initiatives that create and preserve affordable housing.”
Part of the DCHFA’s core mission is to stimulate and expand homeownership opportunities in Washington. As affordable homeownership has become scarce locally HomeSaver’s success has been vital in the lives of families throughout the nation’s capital.
“Helping homeowners in Washington avoid foreclosure has been one of our most monumental achievements at the DCHFA in recent years,” said Maria K. Day-Marshall, DCHFA Interim Executive Director. “Through HomeSaver we will have helped approximately 750 families, who were impacted by unemployment or under-employment, keep their homes. Going forward we remain committed to expanding affordable homeownership opportunities in Washington.”
All around the country, states and jurisdictions have been fighting to keep families from being impacted by foreclosure. Nationally and locally there have been fewer foreclosures in part because of programs like HomeSaver. The Treasury Department has commended the DCHFA on its success with this program.
“Through the Hardest-Hit Fund,” said Mark McArdle, Treasury Chief of Homeownership Preservation and Director of the Hardest-Hit Fund, “DCHFA has helped hundreds of families avoid foreclosure and the program has provided DCHFA an opportunity to partner with organizations throughout the District to reach families who can benefit from Hardest-Hit funds.”
Although HomeSaver is winding down the DCHFA has another program to boost affordable homeownership. DC Open Doors, an affordable mortgage program managed by the DCHFA, was launched in May 2013. It provides down payment assistance and mortgage financing. To learn more visit, www.dcopendoors.com.
HomeSaver, a Hardest Hit Fund (“HHF”) Initiative, is a federally-funded program. In September 2010, DCHFA was awarded over $20 million to help homeowners prevent foreclosures in the District of Columbia. The Agency has assisted nearly 700 households and 95 percent of homeowners keep their homes 24 months after receiving assistance. This achievement earned the Agency the distinction of having the second-highest rate of allocation nationwide among HHF program administrators.
Building on the success of this initiative, DCHFA worked with the U.S. Department of the Treasury and the District of Columbia Office of Tax and Revenue to create the HomeSaver Phase II-Tax Lien Extinguishment Program. The program provides one-time assistance to eligible District of Columbia homeowners at risk of foreclosure due to delinquent real property taxes.
Bonita Mims discovered HomeSaver in 2013 as her unemployment benefits ran out and she found herself unable to pay the mortgage for the first time on a house that has been in her family for five decades.
“My aunt first purchased the property back in the 1960s,” said Mims. “When I came here to go to school at Howard, I would visit as a student. I love the location and it was always a dream of mine to buy the house from my aunt.”
Mims — who took over the home in 2001 after her aunt passed away and spent years renovating it — didn’t want to lose the house her aunt had worked so hard to buy. But after being turned down for assistance from her credit union, she was unsure of how she could keep it.
Mims found HomeSaver online through the city’s employment services website. “I couldn’t believe this existed,” she recalled. “I immediately filled out an application. The last thing I wanted to do was sell my house … This program truly was a lifesaver for me.”
Mims was able to get the mortgage assistance she needed to pay for her house. She also soon found a job, but it didn’t pay enough to cover her property taxes. Again, she turned to HomeSaver – now in Phase II – for help, and was able to get assistance to cover her delinquent property taxes from 2014 and half of 2015.
“It gave me a little breathing room to pay my taxes in September,” Mims said. “There’s no way I would still have my house without this program.”
