The District of Columbia Housing Finance Agency reopened the HomeSaver foreclosure prevention program in hopes to help District residents facing hardships brought upon by the COVID-19 pandemic. The agency will use the $4 million available through the U.S. Department of the Treasury's Hardest Hit Fund to relaunch the HomeSaver program, according to a press release.
"As the COVID-19 pandemic nears the one-year mark, DCHFA continues to pursue solutions to alleviate the financial hardships many District homeowners are experiencing,” said Christopher E. Donald, acting executive director/CEO. "The HomeSaver program was a successful resource in previous years and by reactivating the program, the agency provides a resource to help D.C. residents retain ownership of their homes."
The program was launched back in 2010 by the DCHFA as a HHF initiative to provide funds to unemployed and underemployed District homeowners who were facing foreclosure. According to the release, during the program's tenure, 860 D.C. households were assisted.
"The HomeSaver Program will offer lump-sum assistance and/or ongoing monthly mortgage payments to eligible District homeowners at risk of foreclosure. The maximum assistance amount is capped at $60,000 per household," according to the release.