Yesterday the Department and the Census Bureau announced that sales of new single-family homes rose in February to 1.16 million, the third highest rate on record. This is an increase of 5.8 percent from January and a jump of 24.4 percent from February of last year.
Earlier this month, the Department announced new adjustable rate mortgage products that will make homeownership available to an additional 40,000 families annually.
In December, President Bush signed the American Dream Downpayment Act into law, providing down payment and closing costs assistance to 40,000 low-income families a year.
And in January, the Department announced the FHA Zero Down Payment Initiative which, with the support of Congress, could generate an additional 150,000 homebuyers in its first year.
The Administration also proposes to increase the production of affordable housing and help more low-income, minority families become homeowners through:
- a $78 million increase for the HOME Investment Partnerships Program,
which will boost the supply of affordable housing for low-income families,
- $5 million for housing counseling to help thousands more low-income individuals and families find and maintain homes.