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Tuesday, June 15, 2004

National Homeownership Month Comes to Iowa

Cindy Fuerst, a disabled veteran, is the first Dubuque, Iowa resident to receive Section 8 homeownership money to pay a mortgage instead of using the money for rental vouchers. Last week, Cindy, along with Michael Liu, Assistant Secretary of Public and Indian Housing, several of HUD's partners and more than 70 people kicked-off National Homeownership Month.

Dubuque Mayor Pro-Tem Dan Nicholson, HUD Assistant Secretary Michael Liu, FNMA's Joe O'Hern and new homeowner Cindy Fuerst. "I'm very proud of what I've done," said Fuerst. "If I could get one more person to use this program to own a home, then it's worth it."

Assistant Secretary Liu announced an American Dream Downpayment Initiative grant, which will soon allow more Iowans to become homeowners. The ADDI will be administered under HUD's HOME Investment Partnership Program with Iowa receiving $1.35 million and Des Moines, its capital, receiving nearly $150,000.

"The payoff of the work we do at HUD is coming out to places like Dubuque and seeing the fruits of our money at the local level," said the Assistant Secretary. He also said Dubuque city leaders were the first to take full advantage of HUD dollars at a time when many cities were reluctant to dip into the funding pool. It is more common for people to use Section 8 money for rental vouchers than for homeownership, said the Assistant Secretary, who added that more than 2,000 people nationwide have become homeowners using the assistance.

Iowa Lt. Governor Pederson, Dan Nicholson, Michael Liu and Cindy Fruest listen to Mike Tramontina speaking

Iowa Lt. Governor Sally Pederson made the trip to Dubuque to honor Fuerst and the city's innovativeness with Section 8 dollars. Pederson said, "Homeownership truly is the American dream. There is a special power in a neighborhood where most people own their homes. A new homeowner receives a key that does more than unlock a door. A home represents a place where people can grow, learn and feel safe. Homeownership is one of the single most effective methods for wealth creation and upward mobility for Iowa's families."

Cindy's dream came true with a true blend of partnerships between HUD, the City of Dubuque, Federal Home Loan Bank, Iowa State University Extension Homeownership Education Program, Dubuque Bank & Trust, Nationwide Advantage Mortgage, Fannie Mae National Association and the Iowa Finance Authority FirstHome program. FirstHome Program is a public-private partnership administered by the Iowa Finance Authority, which issued tax-exempt mortgage revenue bonds to fund the program.