HUD SECRETARY JACKSON ANNOUNCES MORE THAN $600,000 IN DOWNPAYMENT ASSISTANCE FOR FIRST-TIME HOMEBUYERS IN IDAHO

BOISE - Many low-income families living in Idaho communities can now realize the dream of homeownership because
of $613,097 in American Dream Downpayment Initiative (ADDI) funding announced today by Housing and Urban Development Secretary Alphonso Jackson. (see chart below).

* Local communities will receive their funding at various times to coincide with the start of their fiscal years.

"The single greatest obstacle to homeownership is the downpayment and closing costs," said Jackson. "This
program, will give first-time homebuyers downpayment assistance grants up to $10,000 or six percent of the
home's purchase price, whichever is greater. Not only will these grants help to defray the upfront costs of
purchasing a first home, they can also be used to help offset the costs of rehabilitating the property."

To be eligible for this assistance, individuals must be first-time homebuyers interested in purchasing one- to four-family housing, condominium unit, cooperative unit or manufactured housing. In addition, individuals who qualify for this assistance must have incomes not exceeding 80 percent of area median income. If you are interested in
obtaining downpayment assistance through this program, and plan to purchase a home inside the city limits of
Boise, you should call the City of Boise at (208) 384-4158, X106. For all home purchases outside of Boise, you may contact any of the participating lenders in your area listed at www.ihfa.org, that offer the standard Idaho Housing and Finance Association Downpayment Assistance Grant Program.

Jackson said, "During the Bush Administration, a record number of new homeowners, specifically minority families,
have achieved a home of their own. I encourage Congress to fully support the President's request to continue this important new homeownership tool so even more Idaho families can realize their American Dream."

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. Information about The American Dream Downpayment Initiative is available on the Internet.

"June is National Homeownership month - a month-long educational outreach effort designed to provide important homebuying information and financial tools, particularly to minority families," said Connie Hogland, HUD's Boise Field Office Director. "HUD's Boise office will be participating in many outreach events."

HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as
well as enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet and espanol.hud.gov.

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