Washington, Colombia County to strengthen the protection of the restraining mortgage – Housingwire

In mid-January, the DC Council adopted the “Justice and Stability Act in the amendment to the housing amendment of 2024”, which amended the specific laws for the housing agency to allow the protection of older residents of the region with the reverse mortgage loan. The mayor of DC Muriel Bowser approved the measure on January 16 and is said to take effect after a 60-day congress review period.

It creates a permanent program for preventing a return mortgage, extending the coverage of financial assistance to include fees for the Condominium Association and Housing owners (HOA), and also expands the availability of the program to include the spouses of the primary borrowers On the reverse mortgage.

The new measure also updates the appeal deadlines and mediation procedures for residents in housing, allows virtual meetings for apartments and joint living spaces and updates the legislative reports and procedures for the review of the Return of Citizens.

The amendments appear to be applied to the existing Mortgage Insurance and Payment Payment Program (Remit), which was originally launched in 2019 as a pilot program. It was extended until the end of 2021. Last year, the program was restored on a pilot basis.

But the program was revived last year. Tikisha Wilson, director of single -family programs in Colombia Housing Agency (DCHFA) ​​told RMD that the program was not renewed at the end of 2021 due to the impact of inflation on the economy, and that the DC Council is looking for ways to make the Program for help permanent.

“We are just trying to help as many seniors as possible with the bucket of funds we have, which we have transferred from previous legislation,” she said. “When the funds that have been implemented under the previous legislation expires, the new legislation must be adopted until then, so we will not have leaks.”

Currently DCHFA continues to work on the existing program according to a statement presented to HousingwireThe reverse mortgage every day.

“Permanent legislation has not yet been accepted; We are still operating under the old legislation, “said a spokesman for DCHFA Program Director.

In the interview last year, Wilson also said that the program was “not”, given its measured impact on older DC residents.

“It was very successful,” she told the first implementation of the program. “About $ 200,000 were allocated and our average loan amount was about $ 3,900. So, these are approximately 50 loans – 50 Washington, which we were able to help save their homes. It was very successful. “

Editor’s note: This story has been updated by a statement from the DCHFA Program Director Office.