Bill > B26-0819

This bill, titled the Ownership and Wealth-building for our Neighbors (OWN) Omnibus Amendment Act of 2026, introduces several measures to support homeowners, stabilize affordable housing, and prevent foreclosures in the District of Columbia. First, it amends the Condominium Act of 1976 to require condominium unit owners associations that oversee common elements valued over $10,000 to conduct comprehensive "reserve studies"—capital budget planning tools used to estimate the remaining useful life and repair or replacement costs of shared components—at least every five years, and mandates that these studies be provided to prospective buyers. Second, it amends the Inclusionary Zoning Implementation Amendment Act of 2006 to require the District's Department of Housing and Community Development to subsidize unrealized equity increases for sellers of Inclusionary Zoning units—affordable housing units set aside for lower-income households—by providing an equity payment during secondary sales if market appreciation outpaces regulated appreciation limits. Third, the legislation updates the Home Purchase Assistance Program (HPAP), which helps first-time homebuyers with down payments and closing costs, by allowing approved private lenders to directly underwrite and qualify loan applicants using standardized worksheets, streamlining the District's review process, and introducing free, mobile-friendly, asynchronous (on-demand) group homebuyer education courses. Finally, the bill amends the District of Columbia Housing Finance Agency Act to establish a Residential Mortgage Foreclosure Prevention Program, creating a dedicated fund to provide financial assistance up to $40,000 via low-interest or zero-interest loans to qualified homeowners experiencing financial hardships—such as job loss or medical expenses—that put them at risk of losing their primary residence. This foreclosure prevention fund will be sustained through a $100 closing fee assessed on residential mortgage loans and a $250 default fee charged to beneficiaries issuing notices of default, while also requiring participating homeowners to undergo annual housing counseling through a U.S. Department of Housing and Urban Development (HUD) certified agency.