HUD
No. 04-17 Patricia Campbell (817) 987-5974 |
For
Release Wednesday June 2, 2004 |
HUD SECRETARY JACKSON ANNOUNCES MORE THAN $901,629 IN DOWNPAYMENT
ASSISTANCE FOR FIRST-TIME HOMEBUYERS
American Dream Downpayment Act to Provide Up to $10,000 to Eligible
Individuals and Families
FORT WORTH - Hundreds of low-income families living in New Mexico
communities can now realize the dream of homeownership because of
$901,629 in American Dream Downpayment Initiative (ADDI) funding
announced today
by Housing and Urban Development Secretary Alphonso
Jackson. (See chart below.)
"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.
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 New Mexico families can realize their American Dream."
Community | American Dream Funding |
Albuquerque | $326,117 |
State of New Mexico | $575,512 |
New Mexico Total | $901,629 |
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.
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. Information about HUD and its programs
is available in Spanish.
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