In an effort to help make Washingtonians more competitive in a hot housing market, the District of Columbia is more than doubling its amount of assistance for first-time homebuyers. The chief of staff for the D.C. Department of Housing and Community Development told The Washington Post that expanding the program is part of the District’s way in “trying to get more people to buy in the District, live in the District, primarily with a focus on Black homeownership.”
If you are looking for more context on this matter, please consider Vanessa Perry, a professor of marketing and strategic management and public policy at the George Washington University. Perry co-authored the 2020 State of Homeownership in Black America report, which analyzed the current state of Black homeownership and market opportunities for Black homebuyers. It also offered recommendations for public policy interventions to help alleviate housing disparities.
Perry says expanding the program in D.C. is an important move for the District.
“Down payments are a major barrier to affordability, particularly for prospective first-time homebuyers in D.C., where housing prices have soared in recent years,” Perry says. “Hopefully this program will accompany additional efforts to expand the supply of units available for purchase. There are simply not enough homes available, which is in part why prices are so high. Without additional housing units, homeownership is likely to continue to remain out of reach for a major portion of D.C. residents.”
If you would like to speak with Professor Perry about barriers to homeownership in D.C. or around the country, please contact GW Media Relations Specialist Cate Douglass at [email protected].
-GW-