(804) 771-2100 ext. 3743
June 2, 2004
HUD SECRETARY JACKSON ANNOUNCES $3.6 MILLION IN DOWNPAYMENT HELP FOR FIRST-TIME HOMEBUYERS IN VIRGINIA
RICHMOND - Housing and Urban Development Secretary Alphonso Jackson today announced that an additional
$3.6 million in downpayment assistance for first-time Virginia homebuyers is now available in 14 Virginia communities through the American Dream Downpayment Initiative (ADDI).
The ADDI funding should enable at least 360 families in Alexandria, Charlottesville, Chesapeake, Hampton, Newport News, Norfolk, Richmond, Roanoke, Virginia Beach and Arlington, Fairfax, Chesterfield, Fairfax. Henrico and Prince William counties realize their dreams of homeownership. The state Department of Housing and Community
Development also is receiving ADDI funds to provide downpayment assistance in smaller communities around the State.
"The single greatest obstacle to homeownership is the downpayment and closing costs," said Secretary 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. ADDI funds are administered
by local governments and agencies administering HUD's HOME Investment Partnership 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 Nevada families can realize their American Dream."
VIRGINIA AMERICAN DREAM DOWNPAYMENT ALLOCATIONS
|Prince William County||$121,784|
|State of Nevada||$49,069|
|State of Virginia||$1,568,030|
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, 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