Secretary Jackson Announces More Than $3.1 million
Hundreds of low-income families living in sixteen Wisconsin communities
can now realize the dream of homeownership because of $3.1 million
in American Dream Downpayment Initiative (ADDI) funding announced
on June 2, 2004 by Housing and Urban Development Secretary Alphonso
Jackson and HUD Midwest Regional Director Joseph P. Galvan (see chart
|Community||American Dream Funding|
|Milwaukee County Consortium||$213,760|
|Waukesha County Consortium||$223,307|
|State of Wisconsin||$1,532,533|
"With just this initial help, hundreds of hard-working Wisconsin 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.