HomeSaver - A Foreclosure Prevention Program

Overview

In February 2010, the Obama Administration announced $1.5 billion in Housing Finance Agency Innovation Fund dollars for the US Treasury’s Hardest-Hit Fund (HHF). Through the federally funded initiative, state housing finance agencies received funding in support of innovative programs intended to stabilize the local housing markets and help families avoid foreclosure.

In September 2010, the District of Columbia Housing Finance Agency (DCHFA) was awarded over $20 million under the HHF to implement an effort we named HomeSaver, the Agency’s foreclosure prevention program for District of Columbia homeowners. HomeSaver Phase I has been an unqualified success in yielding an 83% approval rate and assisting 696 unemployed and underemployed homeowners. For more information about the success of the program, click here to read the HomeSaver Success Story or click here to view the HomeSaver Quarterly Reports.

HomeSaver Phase II – Tax Lien Extinguishment Program

DCHFA now offers a Tax Lien Extinguishment component of its HomeSaver Program. Under its new Tax Lien Extinguishment component, DCHFA will make a one-time payment to extinguish the delinquent real property taxes for all eligible District of Columbia homeowners. DCHFA is piloting this program from August 18, 2014- January 31, 2015, during which time eligibility will be restricted. After the pilot period, DCHFA will expand its eligibility criteria. The Agency expects HomeSaver Phase II – Tax Lien Extinguishment Program to assist an estimated 400 homeowners in the District of Columbia.

Fact Sheet

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