Summary#
B26-0819, the “Ownership and Wealth-building for our Neighbors (OWN) Omnibus Amendment Act of 2026,” would amend four District laws: the Condominium Act, the Inclusionary Zoning Implementation Amendment Act, the Home Purchase Assistance Fund Act, and the District of Columbia Housing Finance Agency Act. It would add condo reserve-study rules, change payments to some sellers of inclusionary homes, change parts of the homebuyer assistance process, and require the DC Housing Finance Agency (DCHFA) to run a foreclosure-prevention loan program. The title frames the bill’s goal as supporting ownership and wealth-building.
- Condo associations with common elements costing more than $10,000 to replace would have to commission qualified reserve studies on a five-year cycle, review reserve funding each year, and include specified reserve information in budgets. Buyers must be shown the study at sale.
- On a second or later sale of an inclusionary home, the Mayor would have to pay the seller when market appreciation exceeds the regulated appreciation measure. The next eligible buyer’s regulated price and the affordability covenant would not change because of that payment.
- Participating lenders would assess Home Purchase Assistance Program applicants alongside their first-mortgage underwriting. The Mayor would still make the final eligibility decision and must verify income directly.
- The Mayor would have to offer free, self-paced group homebuyer education. Completing it would satisfy the program’s group-education requirement, but not required individual counseling.
- DCHFA would have to create and run a foreclosure-prevention program and fund, with assistance loans for eligible homeowners. The fund would receive required fees on mortgage closings and notices of default, as well as possible appropriations and other money.
What it means for you#
- Condo owners and associations: If the association’s common elements exceed the $10,000 replacement-cost threshold, the association must pay for studies by a licensed professional or designated reserve specialist, review funding yearly, and make any budget or assessment changes its board considers necessary. It may use reserves, assessments, or borrowed funds for repairs. The bill does not set a fine or other enforcement process for missed studies.
- Condo buyers: The association’s reserve study must be presented to you at the time of sale.
- Inclusionary-home sellers and buyers: A seller in a second or later sale would receive a Mayor-funded payment if market appreciation is greater than regulated appreciation. The payment must not raise the next eligible buyer’s price or be counted in a future maximum price. The affordability covenant remains in place.
- Home Purchase Assistance applicants: A participating lender must do the qualification work without charging you a fee for qualification, submitting an application, or receiving assistance. The Mayor makes the final decision and generally must decide within 15 business days after receiving a complete file. You may seek assistance through another lender after a lender denial.
- Homebuyers using program education: You could complete the group course on demand, including on a mobile device. Any required individual housing counseling remains separate.
- Homeowners at risk of foreclosure: You could apply to DCHFA if you meet the bill’s criteria, including income below 250% of area median income (AMI), financial hardship, exhausted alternative financing, and ability to pay housing costs going forward. Assistance would be a loan secured by a lien; lifetime assistance is capped at $40,000 except for refinances. Housing costs must not exceed 50% of income, with annual repayment recertification and annual housing counseling.
- Borrowers and lenders: A $100 fee would apply at closing to most residential mortgages on District property; it may be financed in the loan or paid from cash at closing. A $250 fee would be due from the party issuing a notice of default, once per property, and cannot be charged to the borrower during foreclosure.
Money#
No overall cost estimate is available in the supplied material; it refers to a committee fiscal impact statement that was not supplied.
- Condo associations may face study costs and may need higher assessments or borrowing, but no amounts are given.
- The Mayor must make inclusionary-sale equity payments when the bill’s conditions are met; the bill does not state their total cost or funding source.
- DCHFA’s program would be funded by the $100 closing fees, $250 default fees, possible appropriations, donations and interest. Loan repayments would return to the fund, which may also pay administrative costs.
- The bill requires agency work, including reviewing applications, checking lender files, reporting, and administering the fund, but gives no staffing or cost estimate.
What is unclear#
- The parent laws are not supplied, so the existing rules and the full effect of amendments or repeals cannot be verified against current law.
- The bill does not give a forecast of fee revenue, assistance demand, public spending, or administrative costs. Fund use is subject to congressional authorization.
- DCHFA must set application and underwriting rules. The bill does not specify loan limits below the $40,000 lifetime cap, the interest rate for low-interest loans, or the full repayment terms after the initial two years.
- The bill does not explain how inclusionary-sale appraisals would be chosen or how the Mayor would fund equity payments.
- The bill does not set an enforcement process for condo reserve-study requirements or explain consequences for an association that fails to comply.
- The bill is introduced and passage is uncertain; it does not itself provide a start date for the programs beyond its general effective-date rule.
Case for#
- A possible argument for the condo rules is that regular studies and annual reserve reviews could give owners and buyers clearer information about major repairs and whether reserves are adequate.
- The inclusionary-home payment could let an eligible seller share in market appreciation while keeping the next sale’s regulated price and affordability covenant unchanged.
- Having lenders assess assistance eligibility during mortgage underwriting could reduce duplicated work. The Mayor retains final eligibility authority, and the bill requires income verification, written deficiency notices, time limits, and public reporting.
- Free, self-paced education could give homebuyers more flexibility while preserving separate individualized counseling where required.
- The foreclosure program could provide loans for overdue housing costs to qualifying owners who show they can afford their housing costs going forward.
Case against#
- Required studies and reserve funding could increase condo assessments or borrowing costs, while the bill does not set a way to enforce the study requirement.
- The bill requires equity payments but does not identify their funding source or estimate how many payments may be due.
- The foreclosure program depends on fee revenue and possible appropriations, but the bill gives no revenue or demand estimate. Its rules and loan terms are left largely to DCHFA.
- A lien and repayment obligation could add another debt for a homeowner already in financial hardship. The bill does not explain how the program would work alongside other assistance.
- The bill creates new duties for the Mayor and DCHFA but does not estimate staffing needs or explain how quickly the agencies could put the processes in place.