Washington, DC’s HomeSaver initiative, which is funded through the Hardest Hit Fund, has two programs to help eligible homeowners: mortgage assistance and a one-time payment to extinguish delinquent real property taxes. Read on to get an overview of the programs, learn how much assistance is available, and find out if you are eligible.
In 2010, the U.S. Department of the Treasury created the Hardest Hit Fund to provide targeted aid to homeowners in those states most affected by the housing market crash. As part of this program, $7.6 billion in aid was allocated to the 18 states, along with Washington, DC, that experienced the most extreme home price declines and high unemployment rates as a result of the economic crisis. (Learn more about the Hardest Hit Fund.)
Washington, DC was awarded over $20 million in funds through the Hardest Hit Fund to help eligible homeowners. More funding was approved in 2016. To help homeowners, Washington, DC launched the HomeSaver initiative.
HomeSaver offers the following programs:
Tax Lien Extinguishment
Each program has its own eligibility requirements. Go to www.homesaverdc.org to learn more.
Assistance is provided in the form of a loan that is forgiven at 20% per year. In year six, the loan balance will be zero and the lien removed. You need to repay the loan only if you sell or refinance during the forgiveness period and there are sufficient equity proceeds available.
You are not eligible for the HomeSaver program if one of the below applies to you.
To apply for HomeSaver assistance, go to www.homesaverdc.org and click on click “Start Now” to begin the application process. If you prefer to apply by telephone or in person, call 202-777-1690 for assistance.
If you would like more information about applying to the HomeSaver program, go to www.homesaverdc.org/contact and fill out the contact form.