To lower the developer’s costs of acquiring, constructing, and rehabilitating rental housing DCHFA issues tax-exempt mortgage revenue bonds. It offers private for-profit and non-profit developers a low-cost predevelopment, construction, and permanent financing option that supports the new construction, acquisition, and rehabilitation of affordable rental housing in the District. By investing in affordable housing and neighborhood development, it provides different pathways for D.C. residents to own their dream home. From offering the most efficient and effective capital sources, to finance rental housing and creating homeownership opportunities, DCHFA has played a key role in the advancement of the District of Columbia’s housing sector.
Committed to helping people from different financial backgrounds achieve their goal of owning a house, DCHFA has developed various customized programs. Through its DC Open Doors mortgage loan programs, down payment assistance loans, the Mortgage Credit Certificate program, and many other such programs, DCHFA has been trying to make homeownership more affordable. In addition, DCHFA focuses on the importance of helping District residents retain their status as homeowners by providing foreclosure prevention through the Reverse Mortgage Insurance & Tax Payment Program (ReMIT) and DC MAP (Mortgage Assistance Program).
“At DCHFA, we make owning a home both affordable and attainable. With various programs and products available, we try to help as many District residents who want to become homeowners achieve that goal,” says Christopher E. Donald, DCHFA Interim Executive Director.
DCHFA serves both consumers and businesses. Having navigated the highs and lows of the economy and competition from institutions offering similar services. Keeping that in mind, DCHFA’s homeownership programs are specially designed to help middle- and lower-income buyers with high credit scores and income who have difficulties saving money for a down payment. Today, DCHFA is the only HUD Level I 50/50 Risk Share lender in Washington, D.C.