What's Hot: 702,000: DC Sees Population Rise Again In 2024
40 Years of the Home Purchase Assistance Program, By The Numbers
✉️ Want to forward this article? Click here.
DC's homebuying assistance programs are intended to bridge the gap for residents who may have the credit but not the capital available to buy a home. This year, the city's largest assistance initiative, the Home Purchase Assistance Program (HPAP), turned 40 years old. Since the program's inception in 1978, 7,790 households have received over $213 million in down payment assistance and interest-free loans via the program. Now, new data reveals how the program's usage has changed over those decades.
As the above chart illustrates, it took awhile for HPAP to become widely used. There were small spikes in the number of households receiving assistance in 1990 and 1994, but the program seems to have really taken off in 2006, the first time more than 300 households received assistance. The usage peaked two years later in 2008, when 495 households were awarded HPAP monies. In the 2018 fiscal year, 171 households received assistance through this program.
Similarly, the total HPAP monies awarded didn't exceed $5 million until 2006, when it shot up to $12.95 million. The total funding awarded peaked in 2007, when $25.9 million in HPAP monies were remitted. For the most recent fiscal year, this total was just over $8.6 million.
story continues below
loading...story continues above
Based on the data in the above charts, UrbanTurf calculated the average assistance awarded per household each year. Between 2004 and 2007, the average award rose steadily, peaking at $55,000 in 2007. Awards dropped to $29,669 in 2013 before climbing back up to last fiscal year's $50,503.
It remains to be seen how DHCD's Fiscal Year 2019 cuts to housing counseling providers which administer DHCD's HPAP orientation (among other sessions to assist residents with taking advantage of DHCD programs) will impact HPAP's accessibility.
See other articles related to: dhcd, home purchase assistance program hpap, homebuying assistance, hpap
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/40-years-of-the-home-purchase-assistance-program-by-the-numbers/14529.
Most Popular... This Week • Last 30 Days • Ever
The federal government could be shut down by the end of today, and that shutdown coul... read »
The 16,250 square-foot home along Foxhall Road NW owned by Fox News anchor Bret Baier... read »
Right on the heels of a $29 million home along Foxhall Road going under contract to T... read »
New data shows that DC continues to make up for population losses experienced during ... read »
Built almost a century ago, the five-bedroom estate will hit the market in Chevy Chas... read »
- How a Government Shutdown Could Affect Home Loans
- At $25 Million, This Is The Most Expensive Home Ever Sold In DC
- The Trump Effect Continues: $10 Million Georgetown Condo Goes Under Contract
- 702,000: DC Sees Population Rise Again In 2024
- The Most Expensive Home In Chevy Chase Will Hit The Market For Just South Of $10 Million
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro