Wednesday, December 17, 2003
President Bush yesterday
signed into law The American Dream Downpayment Act, which will provide
downpayment assistance and upfront closing costs to enable some 40,000 low-income
families become new homeowners.
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Acting
Secretary Jackson introduces President Bush during the signing ceremony
at HUD Headquarters |
The President signed the bill at HUD Headquarters, flanked by Acting Secretary
Alphonso Jackson, former Secretary Mel Martinez and a host of supporters from
Congress.
High downpayment and closing costs are the biggest barrier to homeownership
for first-time homebuyers. The American Dream Downpayment Act, which
will be part of the Department's HOME program, will provide a maximum downpayment
assistance grant of either $10,000 or six percent of the purchase price of the
home, whichever is greater.
The President also applauded Congress for authorizing the annual $200 million
program, which will help meet the Administration's "Homeownership Challenge"
to increase minority homeownership by 5.5 million families by the end of the
decade.
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Watching
President Bush sign into law the American Dream Downpayment Act are, from
left to right, Delegate Madeleine Bordallo, Guam; former HUD Secretary Mel
Martinez; Rep. Michael Oxley, Ohio; Sen. Wayne Allard, Colorado; Rep. Katherine
Harris, Florida; Acting HUD Secretary Jackson; and Rep. Jim Leach, Iowa |
More information about the American Dream Downpayment Act is available
on the Internet.
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