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. (more…)