BUSH ADMINISTRATION ANNOUNCES NEARLY $600,000 FOR
DOWNPAYMENT ASSISTANCE TO HELP FIRST-TIME HOMEBUYERS IN THE
CITY OF SEATTLE

SEATTLE - The City of Seattle will receive $599,535 in funding to provide downpayment and closing cost assistance to lower income families hoping to purchase their first home, Housing and Urban Development Secretary Alphonso Jackson announced today.

"These funds will serve as a catalyst for lower income families trying to cross the threshold into homeownership,"
said Jackson. "By helping people overcome the upfront expenses of buying their first home, they can realize their
own American Dream and help rebuild entire communities in the process."

American Dream Downpayment Initiative (ADDI) grants are being awarded for the first time through HUD's HOME program. Under this new initiative, signed into law by President Bush in December 2003, eligible low-income families buying their first home can qualify for downpayment and closing cost assistance of up to $10,000 or six percent of
a home's purchase price. Local communities will design their own downpayment assistance programs but ADDI is anticipated to create thousands of new first-time homeowners each year.

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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