Down Payment Assistance Program for Home Buyers Launched

$20,000 available to eligible buyers in D.C., Maryland

Friday, Sep 28, 2012  |  Updated 1:17 AM EDT
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Down Payment Assistance Program for Home Buyers Launched

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People interested in buying homes in the District of Columbia or Prince George’s County, Md., are now eligible to receive $20,000 toward a down payment.

At a press conference Wednesday outside a new housing development in northeast Washington near the D.C.-Maryland line, Wells Fargo Bank announced that it has created CityLIFT-DC, a special down payment assistance program to boost home ownership in D.C. and Prince George’s County.

”If we can provide a little extra boost to first-time home buyers or buyers who are ready to reenter the housing market, we can create a new generation of homeowners and kick-start the local housing markets. With interest rates low, like we’re seeing right now, the fact is, affordability is at an all-time high,” said Wells Fargo’s D.C. Regional President, Michael Golden.

Residents can find out if they’re eligible for the down payment help by attending a workshop on October 5 and 6 at the Washington Convention Center. The hours are 10 a.m. to 7 p.m. on Friday and 8 a.m. to 5 p.m. on Saturday. There are also bus tours of available homes for sale and education programs to teach people how to avoid foreclosure.

The project is a collaboration of Wells Fargo Bank, the District of Columbia government, and Prince George’s County Government with NeighborWorks America and Manna Inc., a nonprofit affordable housing provider based in D.C.

“Twenty thousand dollars is a huge contribution to making a home affordable and being able to create the emotional comfort that we hope will accompany people to be able to move into their homes,” said D.C. Mayor Vincent Gray.

“Our transforming neighborhoods in Prince George’s County along with the District’s efforts are going to change this entire region,” added County Executive Rushern L. Baker, III.

Prospective home buyers can register at www.MannaDC.org until Wednesday and learn more about the CityLIFT-DC program. More information is available at 202-832-1845, extension 1.

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