Secretary Martinez was on the Hill yesterday testifying in support of the Administration's American Dream Downpayment Initiative, a bi-partisan bill that will open the door of homeownership to 40,000 more low-income and minority families by helping to offset the upfront costs of buying a home. Qualifying families will receive an average of $5,000 to be used toward downpayment and closing costs.

Before testifying, the Secretary and Rep. Katherine Harris from Florida, co-sponsor of the legislation along with 35 other House members, held a press conference to explain the details of the proposed legislation

"The downpayment is one of the major barriers to homeownership for many families," said Martinez. "This bill will help lower income and minority families realize the American dream. Not only will the bill create more homeowners, but it will help build and strengthen entire communities."

The American Dream Downpayment Initiative will be administered under HUD's HOME Investment Partnerships Program (HOME). Since its inception, the HOME Program has played a vital role in addressing the shortages of affordable rental housing and homeownership in communities nationwide.
For more information about the Initiative visit HUD's website.