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Information for Single-Family Lending and Real Estate Professionals
Program Announcement
June 28, 2024
Official Launch of the Covenant Homeownership DPA Program
Dear Lending, Real Estate and Non-Profit Partners,
The Washington State Housing Finance Commission is pleased to officially launch Phase l of the Covenant Homeownership Downpayment Assistance Program on July 1, 2024.
The final version of the program manual will be posted to our website along with our revised rate sheet.
Loan originators must attend the Covenant Homeownership Program training in order to originate this program. Additional trainings will be announced sometime in July.
Reservations for the Covenant Homeownership Program can be made on and after 9:00 am PT as of July 1, 2024 in our Lender Online System.
Please Note: The Commission anticipates opening a second phase of the Covenant Homeownership Downpayment Assistance Program within three to six months, assuming the continuing availability of funds. Phase II will expand the criteria for program eligibility beyond the first phase requirement that applicants must be in one of the racial categories identified in the Covenant Homeownership Study (Black, Hispanic, Native American, Alaska Native, Native Hawaiian, Other Pacific Islander, Korean, or Asian Indian). Following the recommendation in Chapter 4 of the Covenant Homeownership Study to evaluate expanding how people can meet the eligibility requirements for the Program after initial roll out, Phase II will include applicants who can prove they were impacted by racially restrictive covenants or other state discrimination in Washington State as documented in Chapter 1 and 2 of the Study. Phase II applicants will still need to meet the other statutory program requirements (including first-time homebuyer, 100% of AMI or below, and pre-1968 resident of Washington State, or a descendant of a pre-1968 resident of Washington State). More information regarding the documentation required for Phase II eligibility will be forthcoming.
To learn more about the Covenant Homeownership Program, please visit our information page.
As always, we appreciate and thank our partners for your continued support of our programs.
Any questions feel free to call 1-800-767-4663.
Corinna Obar, Homeownership Manager