HUD Archives: News Releases


Kristine Foye
(617) 994-8218
For Release
Monday
June 12, 2006

HUD RECOGNIZES LOCAL HOMEBUYER ASSISTANCE PROGRAM CREDITED WITH HELPING DOZENS OF FAMILIES TO REACH THEIR 'AMERICAN DREAM'
Bush Administration's American Dream Downpayment Initiative helps working families in New Hampshire

BEDFORD, NH - A New Hampshire clergyman, a local firefighter and a single mother are now homeowners in their own communities because of a federal program designed to help them realize their 'American Dream.' All three share a common story. Each is among 72 New Hampshire families who became first-time homeowners because of funding provided under the Department of Housing and Urban Development's American Dream Downpayment Initiative
(ADDI).

HUD Assistant Secretary Pamela Patenaude today recognized the New Hampshire Housing Finance Authority for its efforts to expand homeownership opportunities to working families in the state. Patenaude also acknowledged three New Hampshire families who realized their 'American Dream' with HUD's help.

"The American Dream Downpayment Initiative is helping make dreams come true for thousands of families across this country," said Patenaude. "This program helps people overcome the biggest obstacle that stands in the way of their dream of homeownership. It's a wonderful feeling to know that with a modest investment, we can help New
Hampshire families realize their own American Dream."

The American Dream Downpayment Initiative (ADDI) helps first-time homebuyers with the biggest hurdle to homeownership - the downpayment and closing costs. The Bush Administration created ADDI to assist low-income families to purchase their first home by providing funds for downpayment, closing costs, and home repair. Since the program's inception, ADDI has assisted nearly 16,000 households in purchasing their first home. Information about
this program is available at www.hud.gov/offices/cpd/affordablehousing/programs/home/addi/index.cfm.

The New Hampshire Housing Finance Authority (NHHFA) administers the ADDI program in the State of New
Hampshire, which was the first state in the nation to help families purchase homes using this program. Since the program's inception in 2004, HUD has awarded NHHFA $825,084 in American Dream Downpayment Initiative funding
to assist 72 families across the state to purchase their homes.

Last year, Forty-five percent of New Hampshire homebuyers assisted by the ADDI program earned incomes below 50 percent of their area's median and the average price of their first home was $152,431. Prices ranged from as low as $49,500 in Coos County to $225,000 in Hillsborough County.

National Homeownership Month

President Bush declared June National Homeownership Month. Today, more Americans own their own home than
ever before with a national homeownership rate near a record high of 68.5 percent. For the first time in the nation's history, half of all minority families are homeowners. Still, the President and HUD Secretary Alphonso Jackson recognize there is work to be done to make sure homeownership is accessible to everyone.

A New Hampshire native herself, Patenaude helped kick off HUD's month-long educational outreach effort by recognizing the New Hampshire Housing Finance Authority's use of HUD's programs to help residents in the state to achieve their dream of homeownership. For more information on the American Dream Downpayment Assistance program, or other homeownership assistance programs in New Hampshire, call the New Hampshire Housing Finance Authority at (800) 649-0470.

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, and 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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Content Archived: March 17, 2011