HUD Secretary Jackson Announces
|Community||American Dream Funding|
|South Bend Consortium||$130,506|
|State of Indiana||$1,891,498|
&With just this initial help, hundreds of hard-working Indiana families can unlock the door to home ownership and share in the American Dream,& said Galvan. &Homeownership represents a path to prosperity that makes people more invested in their neighborhoods.&
The American Dream Downpayment Act will be administered under HUD's HOME Investment Partnerships Program (HOME). Since its inception, the HOME Program has assisted more than 300,000 families to become homeowners, 55 percent of which are minorities.
June is National Homeownership month - a month-long educational outreach effort designed to provide important homebuying information and financial tools, particularly to minority families. The Census reports that, for the first time in our nation's history, more than half of minority families own their own home. But minority homeownership rates still fall well short of the national homeownership rate of nearly 70 percent. In June 2002, President Bush issued The Homeownership Challenge to close this 'homeownership gap' by adding 5.5 million minority homeowners by the end of the decade. Since then, more than two dozen organizations are working to create more than $1 trillion in mortgage financing for minority homebuyers.