Friday, June 4, 2004
Secretary Jackson this week announced
that some $161.5 million will be made available for The American Dream Downpayment
Initiative, a move that will enable thousands of low-income families to
purchase their first home.
The funding will go to more than 400 state and local governments this year
and will help first-time homebuyers overcome the single greatest obstacle to
homeownership - downpayment and closing costs.
The American Dream Downpayment Initiative is targeted at first-time
homebuyers earning less than 80 percent of their community's median income.
The program will give first-time homebuyers grants worth up to $10,000 or six
percent of the home's purchase price, whichever is greater, to help defray the
upfront costs of purchasing a first home or offset the costs of rehabilitating
the property. To be eligible for the assistance, individuals must be purchasing
a one- to four-family home, condominium unit, cooperative unit or manufactured
housing.
The announcement helps the Department kick-off National Homeownership month -
a month-long educational outreach effort designed to provide important homebuying
information and financial tools, particularly to minority families.
|