HUD ANNOUNCES OVER $600,000 FOR AFFORDABLE HOUSING IN MERCER COUNTY

NEWARK - Housing and Urban Development Secretary Alphonso Jackson today announced that Mercer County will receive $687,397 to promote a variety of affordable housing programs. HUD funding will also provide downpayment assistance to first-time homebuyers.

"This funding helps breathe new life into neighborhoods," said Jackson. "By helping communities to improve their infrastructure or assisting families to purchase their first home, HUD is helping improve neighborhoods from the
ground up."

The funding announced today includes:

• $673,344 in HOME Investment Partnerships (HOME) funding; and
• $14,053 in American Dream Downpayment assistance (ADDI).

HOME (HOME Investment Partnerships Program) is the largest federal block grant to state and local governments designed exclusively to produce affordable housing for low-income families. Since 1992, more than 600 communities have completed more than 780,000 affordable housing units, including over 329,000 for new homebuyers. In
addition, over 164,000 tenants have received direct rental assistance.

The American Dream Downpayment Initiative (ADDI) helps first-time homebuyers with the biggest hurdle to homeownership: downpayment and closing costs. The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase. Since the program's inception, ADDI has assisted nearly 24,000 households to purchase their first home. Information about this program is available at HUD's website.

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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