DC prepares for rise in need of mortgage assistance

Washington-DC

DCHFA's DC Mortgage Assistance Program (DC MAP) offers a maximum of $5,000 a month for up to six months.

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WASHINGTON (WDVM) — The District of Columbia Housing Finance Agency reports over 100 people have inquired about financial assistance with their mortgages in the last few weeks. DCHFA is meeting the need with its DC Mortgage Assistance Program (DC MAP), offering a maximum of $5,000 a month, based on the homeowner’s need, for up to six months. 

“When people are homeowners they’re vested in the city, they pay taxes, they put their kids in school, and they become good citizens,” said Interim Executive Director Christopher Donald. “We want to have a stable city with a thriving economy so when our residents are in distress we want to help them to remain in the city and remain stable.”

DC MAP was created in 2018 to assist homeowners affected by the government shutdown, but it wasn’t used. Donald says DCHFA hasn’t seen an overwhelming need for assistance, but without an end to the coronavirus pandemic in sight, the agency is preparing itself for more inquiries. 

“We’re going to see, over the next three months, the banks step up and provide assistance in terms of forbearance,” Donald said. “But at the end of the three months we’re still going to be in the same situation. What we predict is the resources are going to really be needed there.” 

The agency is part of Mayor Muriel Bowser’s efforts to stimulate stable homeownership in the District. DCHFA works in tandem with D.C.’s Department of Housing and Community Development’s housing counseling services and D.C.’s Department of Securities Insurance. 

The financial assistance will be granted on a first come, first served basis until the program allocation has been exhausted. Homeowners seeking assistance should call: 1-833-429-0537. Inquiries may be emailed to DCMAP@dchfa.org

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