
Federal Funds Fuel Quarterly Growth In U.S. Down Payment Assistance Programs, Which Now Number 2,415
Image caption: DPR Q2 2024 Homeownership Program Index (HPI) report.
“It's very encouraging to see more state HFAs allocating American Rescue Plan Act (ARPA) and US Department of Health and Human Services (HHS) funds to support homeownership. We think this indicates that local municipalities are increasingly viewing affordable homeownership as a stabilizing force that fosters prosperity within communities,” said Rob Chrane, founder and CEO of DPR.“We are also particularly encouraged by the rise in programs targeting first-generation homebuyers to ensure more Americans can achieve the dream of homeownership.”
Key HPI Report Findings
An examination of the existing 2,415 homebuyer assistance programs on July 1, 2024, resulted in the following key findings:
-
The number of U.S. homebuyer assistance programs increased by 42 quarterly. This represents a 2% increase over the previous quarter and 213 more programs than in Q2 2023.
29 more program providers supported homebuyer assistance in Q2 2024 than the previous quarter.
Federally-funded programs are on the rise.
-
24 programs are now funded by the ARPA, a 26% increase from the previous quarter and a 200% increase year-over-year (YoY) . The ARPA authorized $350 billion in 2021 to help state, local, and tribal governments respond to and recover from the COVID-19 pandemic. APRA-funded homebuyer assistance programs are on the rise because governments must return funds to the Treasury Department if they are not allocated by December 31, 2024, and spent by December 31, 2026.
The number of programs funded by HHS increased by 19% quarterly and 121% annually to 31 programs. Many studies have shown that stable housing positively impacts the health of individuals and families. This understanding is likely why HHS is increasingly supporting affordable housing.
A more detailed analysis of the Q2 2024 HPI findings, including infographics and examples of the programs described in this release, can be found on DPR's website at professional-resource/the-down-payment-resource-q2-2024-homeownership-program-index-report .
For a complete list of homebuyer assistance programs by state, visit .
Methodology
Published quarterly, DPR's HPI surveys the funding status, eligibility rules and benefits of U.S. homebuyer assistance programs administered by state and local housing finance agencies, municipalities, nonprofits and other housing organizations. DPR communicates with over 1,300 program providers throughout the year to track and update the country's wide range of homeownership programs, including down payment and closing cost programs, Mortgage Credit Certificates (MCCs) and affordable first mortgages, in the DOWN PAYMENT RESOURCE® database.
About Down Payment Resource:
Down Payment Resource (DPR) is the housing industry authority on homebuyer assistance program data and solutions. With a database that tracks more than 2,400 programs and toolsets for mortgage lenders, multiple listing services (MLSs) and API users, DPR helps housing professionals connect homebuyers with the assistance they need. DPR frequently lends its expertise to nonprofits, housing finance agencies, policymakers, government-sponsored enterprises and trade organizations seeking to improve housing affordability. Its technology is used by seven of the top 25 mortgage lenders, the three largest real estate listing websites and 600,000 real estate agents. For more information, visit .
X: @DwnPmtResource #downpaymentassistance #affordabilitycrisis #housingaffordability #mortgage #housingequity #downpayment
###
MEDIA ONLY CONTACT:
(not for print or online)
Johnna Szegda
Depth for Down Payment Resource
404-798-1155
...
News Source: Down Payment Resource

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Market Research

- Manuka Honey Market Report 2024, Industry Growth, Size, Share, Top Compan...
- Modular Kitchen Market 2024, Industry Growth, Share, Size, Key Players An...
- Acrylamide Production Cost Analysis Report: A Comprehensive Assessment Of...
- Fish Sauce Market 2024, Industry Trends, Growth, Demand And Analysis Repo...
- Australia Foreign Exchange Market Size, Growth, Industry Demand And Forec...
- Cold Pressed Oil Market Trends 2024, Leading Companies Share, Size And Fo...
- Pasta Sauce Market 2024, Industry Growth, Share, Size, Key Players Analys...
Comments
No comment