New Down Payment Assistance Program for Washington Homebuyers

New Down Payment Assistance Program Launches for Washington Homebuyers

Washington State has launched the Covenant Homeownership Program as of July 1, 2024, providing vital financial assistance for first-time homebuyers affected by historical housing discrimination. This program is designed to help eligible individuals and families who have deep roots in the state—dating back before 1968—achieve homeownership. It offers down payment and closing cost assistance through a 0% interest loan, repayable only upon the sale or refinancing of the home. You will need to take a class from an approved team, Lucido Global here in Vancouver WA is an approved team, find out when our next class is. 

The program was created following the passage of the Covenant Homeownership Act in 2023, thanks to the efforts of the Housing Development Consortium, the Black Home Initiative, and key state legislators like Rep. Jamila Taylor, Sen. John Lovick, and Rep. Frank Chopp. This initiative aims to address the disparities caused by discriminatory practices that have historically prevented Black, Hispanic, Native American, and other marginalized communities from accessing housing and building generational wealth.

To qualify, applicants must have a family history in Washington prior to April 1968 and meet income requirements—household income must be at or below 100% of the Area Median Income (AMI) for the county where the home is purchased. The program targets first-time homebuyers, including those whose parents, grandparents, or great-grandparents lived in the state before the Fair Housing Act was passed in 1968. Specific racial and ethnic groups with documented histories of discrimination are currently eligible.

For more information call Ken & Susan Rosengren 360.609.0226 or to see if you qualify, call the Joel Coonrod 360.619.2599. The hotline connects potential homebuyers with free, professional housing counselors and offers personalized support based on individual needs and goals. The Washington Homeownership Resource Center (WHRC) also provides access to a range of other resources to assist those at any stage of the homebuying process.

This new program is a significant step toward righting the wrongs of the past, creating a pathway for Washington residents to secure homes and build wealth for future generations.