The Daily Message

Information by State  Esta página en español  Print version   Want More Information? Read previous daily messages in the daily message archives.

Friday, June 4, 2004

Secretary Jackson Announces $161.5 Million in Downpayment Assistance for First-Time Homebuyers

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.