Allowing Eligible D.C. Seniors to Receive up to $40K in Homeownership Foreclosure Prevention Assistance
Reverse Mortgage Insurance & Tax Payment Program
Washington, D.C., Aug. 28, 2024 (GLOBE NEWSWIRE) — Washington, D.C. – The District of Columbia Housing Finance Agency (DCHFA) relaunches the Reverse Mortgage Insurance & Tax Payment Program (ReMIT). The program provides financial assistance to qualified senior District homeowners for delinquent property taxes, homeowner’s insurance, and HOA/condo fees that put the homeowner at risk of foreclosure. “Many senior citizens are at risk of foreclosure as a result of overdue property taxes or insurance bills. At DCHFA, we know that remaining a homeowner is just as important as purchasing a home, hence the relaunching of ReMIT. I have no doubt that the return of ReMIT will continue to be a supportive foreclosure prevention tool for D.C. residents. It’s imperative to take action and provide financial assistance to retain and preserve homeownership in the District, especially for our long-term residents as many seniors are” said Christopher E. Donald, DCHFA Executive Director and CEO.
Under ReMIT’s new guidelines eligible applicants can now receive up to $40,000 to pay delinquent property taxes, homeowner’s insurance, and HOA/condo fees. ReMIT was developed as a pilot program in 2019 to address the need for foreclosure prevention among senior District homeowners who have reverse mortgages. During the program’s tenure 2019 – 2021 senior homeowners received nearly $200,000 in assistance to save their homes from foreclosure, preserving their homeownership status.
The financial assistance the Agency will provide to qualified senior citizens will be a zero-interest deferred loan with a maximum assistance limit of $40,000. Reverse Mortgage lenders and Housing Counseling Services will also work more closely with ReMIT participants to set up the proper escrow and other payment mechanisms to ensure that seniors are not delinquent on tax and insurance payments going forward.
ReMIT eligibility requirements:
• Must be a District resident/homeowner
• Residence must be secured by a Reverse Mortgage in borrower’s, or deceased spouse’s name
• Subject property must be primary residence located in the District
• Have an annual income to not exceed $77,450
• Be “at risk” of foreclosure due to unpaid property taxes/homeowner’s insurance/HOA/Condo Fees
• Must demonstrate ability to sustain future tax and insurance payments, as required
District homeowners seeking assistance may apply by contacting Housing Counseling Services to set up an appointment at (202) 265-2255. For additional information or questions about the program, homeowners may visit DCHFA.org or email remit@dchfa.org.
The District of Columbia Housing Finance Agency is an S&P AA- rated issuer, serving Washington, D.C.’s residents for 45 years. The Agency’s mission is to advance the District of Columbia’s housing priorities; the Agency invests in affordable housing and neighborhood development, which provides pathways for D.C. residents to transform their lives. We accomplish our mission by delivering the most efficient and effective sources of capital available in the market to finance rental housing and to create homeownership opportunities. The Agency operates from a core set of values: Leadership*Excellence*Community Focus*Integrity*Collaboration *Innovation
Attachment
- Reverse Mortgage Insurance & Tax Payment Program
CONTACT: Yolanda McCutchen DC Housing Finance Agency 202-777-1650 ymccutchen@dchfa.org Keme Arigbe DC Housing Finance Agency 202-486-6421 karigbe@dchfa.org
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