Secretary Jackson Announces $161.5 Million in Downpayment Assistance for First-Time Homebuyers

Friday, June 04, 2004

Secretary Jackson this week announced that some $161.5 million will be made available for The American Dream Downpayment Initiative, a move that will enable thousands of low-income families to purchase their first home.

The funding will go to more than 400 state and local governments this year and will help first-time homebuyers overcome the single greatest obstacle to homeownership - downpayment and closing costs.

The American Dream Downpayment Initiative is targeted at first-time homebuyers earning less than 80 percent of their community's median income. The program will give first-time homebuyers grants worth up to $10,000 or six percent of the home's purchase price, whichever is greater, to help defray the upfront costs of purchasing a first home or offset the costs of rehabilitating the property. To be eligible for the assistance, individuals must be purchasing a one- to four-family home, condominium unit, cooperative unit or manufactured housing.

The announcement helps the Department kick-off National Homeownership month - a month-long educational outreach effort designed to provide important homebuying information and financial tools, particularly to minority families.


Content Archived: September 09, 2009