HPAP Funding Problems!
If you live in Washington D.C., then you know about the HPAP program - which allows individuals with low income to get money which they could use towards closing costs or as a down payment. To get all of the details for this program please go here
The problem is that on November 17th the DHCD Director Leila Edmonds suspended the entire HPAP program because of a budget downfall. At least that is what has been said. Earlier they had frozen 11 of the 34 million which has been budgeted for program in the 2009 calendar year.
Clearly, this is a bad decision for Washington D.C. Across the US as well in the district we are seeing very large inventories which are leading to a reduction in property values. By suspending this very good program, they have essentially given a helping hand to increasing the inventory levels.
Many individuals were in the pipeline to get HPAP funding, but now due to it being frozen have been displaced. This essentially puts a stop order on the sale of homes, which need to be sold. And as these properties remain on the market, their value continue to decrease.
I suggest that every resident of Washington D.C. and realtor write to their council member as well as the Mayor to reinstate this program.
What are your thoughts on this program? I would love to hear from you. You can either email me at psingh@rempower.com or leave a comment here!
I look forward to seeing you in a future workshop!
Prabhjit Singh