Frequently Asked Questions
Please see the FAQs below for additional information and pay close attention to email and Daily Digest announcements.
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Frequently Asked Questions
- Who is eligible for the program?
- When and what is the pre-screening? Is it necessary?
- How will the grants be awarded? How will they be selected?
- How will I shop for a home while undergoing this application process?
- How will I know if the home I intend to buy meets the program’s criteria?
- What if I don’t qualify, are there other programs I can take advantage of?
- Will there be more than ten (10) grants awarded?
- Are there any tax implications in being awarded a grant?
- Will I have to pay back the grant?
Who is eligible for the program?
All full-time employees of Gallaudet University or the Clerc Center who are not University officers, members of the President’s Cabinet and/or employees listed on the University’s IRS Form 990. If you are unsure if you are eligible, you will be notified during after the mandatory pre-screening.
When and what is the pre-screening? Is it necessary?
The start date of the pre-screening process will be announced at the start of the Spring semester and will be open for two-week window. It can be completed either with a paper form or via this website. The pre-screening serves to register your interest in the program and assign you to the appropriate home ownership and credit counseling class and, therefore, is a mandatory step in this process. Some applicants made qualify for additional assistance based on income levels. As such, you will be required to answer salary-related questions during the pre-screening.
How will the grants be awarded? How will they be selected?
The grants will be awarded on a first come, first serve basis. Only completed applications will be accepted. In order to be complete, an application needs a certificate showing eight hours of home ownership and credit counseling coursework via Gallaudet, a pre-qualification from a mortgage lender and completed an application survey form, which will be made available by the Office of Program Development. Completed applications are to be submitted to the Office of Program Development, to the attention of Sam Swiller, Kati Morton or Barb Nehrir.
How will I shop for a home while undergoing this application process?
You may search for a home at anytime during this process. If you purchased a home prior to completing your application, you may still apply for the grant. The grant can be applied to homes purchased after January 1, 2012.
How will I know if the home I intend to buy meets the program’s criteria?
The home address will be verified by DC Office of Planning. Additionally, the office of Program Development will post a regularly updated listserv of all homes listed for sale within the 1.5 mile boundary.
What if I don’t qualify, are there other programs I can take advantage of?
Yes. There are several financial assistance programs available, including HPAP (Home Purchase Assistance Program). Information about these programs will be made available via the Office of Planning and the home ownership and credit counseling classes.
Will there be more than ten (10) grants awarded?
At this time, no. This is a limited pilot program and the first of its kind in the District. However, pending on the success and demand for this program, additional funding may be made available.
Are there any tax implications in being awarded a grant?
Tax laws are complicated and all grantees are encouraged to seek guidance from a tax advisor. The LNYW grant is consider an employee-benefit and will be reported on grantees' W-2. FICA (Social Security and Medicaid taxes) will be deducted from the grant upfront. As a result, the net grant amount will be reduced by approximately $3,000, dependent on tax statuses.
Will I have to pay back the grant?
Payback obligations begin to expire after three years of living in the home, and continue to decline according to the following schedule. If a home is sold:
- Before three years, 100% of the grant is required to be paid back
- After three years but before four years, 40% of the grant is required to be paid back
- After four years but before five years, 20% of the grant is required to be paid back
- After five years, 0% of the grant is required to be back