The District of Columbia Department of Housing and Community Development (DHCD) has announced a change to the amounts of down payment assistance available under the HPAP program effective with settlements after January 31, 2017. Assistance Table attached.
Simultaneously, DHCD announced that certain HPAP loans closed after the effective date will have the benefit of a new Deferred HPAP payment structure, eliminating monthly payments on the loans. The Deferred HPAP repayment structure will apply to all loans closed using the Very Low Income and Low Income assistance levels of the Assistance Table.
Moderate Income borrowers will retain current 5 year deferral before monthly principal-only payments for 40 years. Read more