Establishing a homebuyer financial assistance program and mandating a minimum number of homebuyers to be assisted annually.

Official summary

This bill would require the Department of Housing Preservation and Development (“HPD”) to provide financial assistance to at least 600 first-time homebuyers through its HomeFirst program annually. The Commissioner of HPD would be required to submit an annual report to the Mayor and Council Speaker that states, at a minimum: the number of first-time homebuyers who received financial or monetary assistance through HomeFirst during the past 5 fiscal years; the median dollar amount of financial assistance provided to first-time homebuyers; and, the community district of homes acquired using HomeFirst financial assistance. The report would also include an explanation if fewer than 600 first-time homebuyers were provided HomeFirst financial assistance during the most recent fiscal year. The report would be published online.