| Incentive |
Description |
Local Administering Agency / Contact |
Eligibility Requirements
Federal / Local Program |
| First-Time Homeowner's Tax Credit |
A $5000 federal income tax credit is available to first-time homebuyers in the District of Columbia. |
No agency contact required. Claim with annual tax filing (IRS Form 8859).
|
To claim entire $5000 credit, filers must meet following restrictions:
Joint filers - up to $110,000
Single filers - up to $70,000.
To claim partial credit:
Joint filers - $110,000-$130,000
Single filers - $70,000-$90,000.
Federal: IRS Form 8859 |
| Low Income Housing Tax Credit Program |
Allocates a 4% tax credit to developers of new or rehabilitated affordable rental housing. |
DC Housing Finance Agency (HFA)
dchfa.org
|
Must meet affordable housing guidelines:
Min. 20% affordable housing for persons with 50% of median income and
40% for persons with 60% of median income
MD-VA-DC MSA median income is $85,600*
*Statistic as of FY2001. Subject to change.
Local |
| Tax-Exempt and Taxable Multi-Family Rental and Co-op Bond Financing and Tax Credits |
Bond financing is available for permanent and construction debt associated with the construction/renovation of rental and cooperatives. Four percent (4%) tax credit is available to developers of low-income housing. |
DC Housing Finance Agency (HFA)
dchfa.org
|
To claim credit, filers must apply for financing through HFA.
Local |
| Housing Production Trust Fund Program (HPTFP) |
Provides financial assistance to nonprofit and commercial developers for rental and ownership of low- to moderate-income rental and ownership housing and related facilities. |
Department of Housing and Community Development (DHCD)
dhcd.dc.gov
|
Must provide low to moderate-income housing and related facilities.
Local |
| Housing Finance for Elderly, Dependent and Disabled (HoFEDD) |
Provides financing to commercial and nonprofit applicants to develop housing for individuals with special needs. |
Housing and Community Development (DHCD)
dhcd.dc.gov
|
Residential facilities must house individuals with special needs, including drug and alcohol abusers, the homeless, the mentally and physically disabled and the elderly.
Local |
| Distressed Properties Improvement Program (DPIP) |
Deferral or forgiveness of real estate taxes, water charges, and other public debts owed on rental properties, as an inducement for owners to rehabilitate previously vacant housing.
See Title VIII of the DC Rental Housing Act of 1985 |
Department of Housing and Community Development (DHCD)
dhcd.dc.gov
DPIP
(202) 442-7280 |
15% of completed units must serve low- and moderate-income households.
Local |
| Single-Family Residential Rehabilitation Program |
Provides low-cost financing for the rehabilitation of 1 - 4 unit residential housing. Provides low-interest amortizing loans for up to 20 years, depending on the financial circumstances of the borrower and the amount of rehab required to correct code deficiencies.
Special monies set aside for handicapped access and senior living improvements. |
Department of Housing and Community Development (DHCD)
dhcd.dc.gov
|
Residential property must be owner-occupied or investor-owned and located in Community Development Area or Enterprise Community.
Local |
| Multi-Family Housing Rehabilitation Loan Program (MfHRLP) |
Provides low-cost interim construction financing for the rehabilitation of residential property containing five (5) or more units. |
Department of Housing and Community Development (DHCD)
dhcd.dc.gov
|
Program available to developers of rental housing and lower-income cooperative housing.
Local |
| Emergency Shelter Grant Program (ESGP) |
Grants are for renovation, rehabilitation or conversion of buildings for use as emergency homeless shelters. |
Department of Housing and Community Development (DHCD)
dhcd.dc.gov
|
Finished project must provide shelter to homeless individuals.
Local |
| Housing Purchase Assistance Program (HPAP) |
Provides interest-free or low-interest loans for down payments, closing costs, or other expenses associated with buying a house, condominium or cooperative in the District. Amount of loan is adjusted to reduce the total monthly payment to 28% of household's monthly gross income. For very low income family, repayment of loan is deferred until house is sold. |
Department of Housing and Community Development (DHCD)
dhcd.dc.gov
|
Eligible families must meet income restrictions ($28,200-$63,750 - one person household, $32,250-$72,850 - two person household, $40,500-$91,100 - four person household).
Maximum loan amount - $20,000 Year 2000 income guidelines. Subject to change.
Local |
| Single-Family Mortgage Revenue Bonds |
HFA finances below-market rate loans to low- and moderate-income residents using proceeds from the sale of Single Family Mortgage Revenue Bonds. |
DC Housing Finance Agency (HFA)
dchfa.org
|
Application approval through HFA
Local |
| Apartment Improvement Program |
Provides technical assistance to owners of rental housing for property improvements. |
Department of Housing and Community Development (DHCD)
dhcd.dc.gov
|
Available to owners of rental housing
Local |
