National & Multistate Down Payment Assistance
HCA launched new Down Payment Assistance (DPA) Programs in 2022! These innovative programs bring equity to homeownership in multiple ways. HCA is matching donor and capital sources with two targeted funds: BIPOC & LMI, backing one new product; the HCA Equity DPA.
As a 501c3, all donations are provided with tax deductible contribution letters, and these programs are made possible through corporate DE&I and ESG gifts, private foundations, and companies seeking to make a difference. Funds are permanently restricted to align with the donor's desired beneficiaries. With a projected average of $10,000 per homebuyer, the Equity DPA supports homebuyers as well as funding HUD Approved organizations who help underserved communities access credit through homebuyer education and pre-purchase housing counseling.
HCA will compliantly administer the Equity DPA program with long-term impact tracking and reporting for Donors.
Find out more about each donor fund option below, as we ensure that your donation meets your impact goals. Let's set up a time with our team to discuss how you can significantly impact equity in homeownership for traditionally underserved communities.
BIPOC Donor Restricted Fund
Down Payment Assistance for Black, Indigenous, & People of Color
- First Time Home Buyers
- BIPOC homebuyer
- 3% of Purchase Price or up to $9,000 per homebuyer
- Forgivable upon sustained homeownership of 5 years
- Impact tracking and reporting for donors
- HUD-certified housing counseling supports and sub-grants
LMI Donor Restricted Fund
Down Payment Assistance for Low-to-Moderate Income Buyers
- First Time Home Buyers
- Household Income of less than 80% Area Median Income
- 3% of Purchase Price or up to $9,000 per homebuyer
- Forgivable upon sustained homeownership of 5 years
- Impact tracking and reporting for donors
- HUD-certified housing counseling supports and sub-grants
Building Diverse Communities
Down Payment Assistance for BIPOC New-Construction Home Buyers
- 3% of Purchase Price or up to $9,000 per homebuyer
- Forgivable upon sustained homeownership of 5 years
- Impact tracking and reporting
- HUD-certified housing counseling supports and sub-grants
Innovative Funds
Special Purpose Credit Program DPA for Banks and IMBs
CRA regulated banks already have regulatory approval for funding DPAs, and HCA can provide a SPCP DPA program to overlay with your bank's 1st mortgage - effectively reaching BIPOC communities with special credit and assistance, without changing your bank's credit policy.
We are developing new pathways for private donor-directed DPA Funds
Private funds can be directed to specific communities, areas, and partners. Certain restrictions apply in order to maintain compliance. HCA will provide ongoing reporting and impact tracking. This newly formalized program design is being piloted upon regulatory approval.