(Washington, DC) The District of Columbia Department of Housing and Community Development (DHCD) launched its American Dream Downpayment Initiative (ADDI) to help low-income individuals and families become first-time homebuyers. Congress created the initiative in an effort to assist those citizens negatively impacted by the country's soaring real estate costs.
The maximum amount of ADDI funds available to applicants is $10,000, and the funds can be combined with the Department's Home Purchase Assistance Program (HPAP). The funds are zero percent loans, with payments deferred for as long as the homebuyer occupies the home as the principal residence. The loan is payable in full if the homebuyer changes residency, or sale or transfer of property.
Eligibility criteria is the same as the HPAP program: applicants must legally reside in the District of Columbia; be a first-time homebuyer; have an acceptable credit record; and head a household that meets the income requirements listed below.
| 1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
| Maximum Household Income |
| $40,600 |
$46,400 |
$52,200 |
$58,000 |
$62,650 |
$67,300 |
$71,900 |
$76,550 |
Applications for ADDI will be taken concurrently with those for HPAP. Applicants may apply at one of the following community-based organizations: