HUD No. 04-051
(502) 582-6163 ext. 203
June 3, 2004
HUD SECRETARY JACKSON ANNOUNCES $2.2 MILLION IN DOWNPAYMENT ASSISTANCE FOR FIRST-TIME HOMEBUYERS IN KENTUCKY
LOUISVILLE - Hundreds of low-income families living in communities
throughout Kentucky can now realize the dream
of homeownership because of $2.2 million in American Dream Downpayment Initiative (ADDI) funding announced today by Housing and Urban Development Secretary Alphonso Jackson.
"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
obtaining downpayment assistance through this program, please contact your local community.
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 Minnesota families can realize their American Dream."
American Dream Funding
|State of Kentucky||
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.
June is National Homeownership month - a month-long educational
outreach effort designed to provide important homebuying information
and financial tools, particularly to minority families. The Census
reports that, for the first
time in our nation's history, more than half of minority families own their own home. But minority homeownership
rates still fall well short of the national homeownership rate of nearly 70 percent. In June 2002, President Bush
issued The Homeownership Challenge to close this 'homeownership gap' by adding 5.5 million minority homeowners
by the end of the decade. Since then, more than two dozen organizations are working to create more than
$1 trillion in mortgage financing for minority homebuyers.
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.