American Dream Downpayment Initiative Program Fact Sheet
American Dream Proposal for Fiscal Year 2004
- Providing communities throughout America with $200 million in
grants to help homebuyers with the downpayment and closing costs,
the biggest hurdles to homeownership.
- We expect the program to assist 40,000 families
the overall homeownership rate, especially among minority groups
who have lower rates of homeownership compared to the national
than two-thirds of all Americans own their home. Fewer than
half of African-American and Hispanic families are homeowners.
focus is on low-income families who are also first-time homebuyers.
To participate recipients
must have annual incomes that do not exceed 80 percent of the
area median income.
on current experience in the HOME program, it is anticipated that
the initiative will help 40,000 families, with an average subsidy
Will be administered as a part of HUD's existing HOME Investment
Partnerships Program (HOME). HOME helps address the shortages
of affordable rental housing and homeownership in communities
Families may use the subsidy for downpayment assistance, such
as closing costs and interest reduction.
More than 50 states and local governments will be eligible to
receive the $200 million in grant funding.
Program Start Date
The program is expected to start in August 2003.
Content Archived: April 9, 2010