Could this be the End of HPAP Funding?

Sign the Petition to Keep HPAP Funding in 2009

2009 HPAP funding is in jeopardy. DC proposed funding cuts have hit this critical housing program. I strongly encourage you to inforn your HPAP clients AND Sellers (individuals and developers) to contact their DC Councilmembers (by phone or e-mail) and expressing your concerns about HPAP and/or lower recordation and transfer taxes.

On Monday, November 10, the DC Council passed the “Fiscal Year 2009 Balanced Budget Request Emergency Act of 2008”. There were no public hearings on this legislation. The legislation passed unanimously by a vote of 13-0 with only Councilmember Marion Barry asking for a delay in the vote for public debate of the proposal.

This emergency legislation closed a projected $131 million shortfall in projected 2009 revenues by agreeing to cuts proposed by Mayor Fenty. The Council then went further by creating a $47 million revenue surplus for possible further budget revenue shortfalls that are expected when the CFO announces revised revenue estimates next month (December) and again early next year (February).

Unfortunately, the Council created that $47 million surplus by freezing program funding scheduled for fiscal year 2009, but not yet implemented. One of those programs was $11 million dollars in increased HPAP assistance slated for 2009, but not yet used. If the CFO’s revenue estimates in December or February show signs of improving the Council can unfreeze the $47 million in reserves and move the programs forward again.

Even if this does not immediately affect you, your property or your development, without HPAP assisting the sale of affordable housing in the district the floor of the real estate market could be swept out from under ALL OF US. Prices would likely continue fall and nearly all DC owners would be affected with negative home values within the next SIX MONTHS!

PLEASE SIGN THE PETITION BELOW TO SUPPORT KEEPING HOME OWNERSHIP IN DC AFFORDABLE AND HPAP ALIVE!

CLICK HERE TO SIGN THE PETITION