The Ownership and Wealth-building for our Neighbors (OWN) Omnibus Amendment Act of 2026 aims to improve housing stability and affordability in the District of Columbia through several significant amendments. It mandates condominium unit owners associations to conduct reserve studies to evaluate the remaining life and repair costs of common elements, enhancing financial planning for maintenance. Additionally, the bill requires the Department of Housing and Community Development to provide equity payments to sellers of inclusionary zoning units upon resale, based on market appreciation, thereby supporting homeowners in realizing their equity.

The bill also introduces enhancements to the Home Purchase Assistance Program, allowing asynchronous group education sessions and enabling qualified lenders to directly assess applicants' qualifications. It establishes a Residential Mortgage Foreclosure Prevention Program to assist homeowners at risk of foreclosure with tailored financial aid, including a standardized application process and annual housing counseling. The program defines "financial hardship" and outlines criteria for "qualified homeowners," while introducing a foreclosure prevention fee of $100 at closing and a $250 default fee for properties with a notice of default. Furthermore, it creates a non-lapsing fund to support the program, funded through collected fees and other contributions, with the Agency responsible for its administration and annual reporting on its activities.