BUSH ADMINISTRATION ANNOUNCES MORE THAN $1 MILLION TO
STIMULATE ECONOMIC DEVELOPMENT AND HOUSING IN THURSTON COUNTY
HUD grants targeted to lower income persons and families in need

SEATTLE - Thurston County will receive $1,080,643 in funding from the U.S. Department of Housing and Urban Development to produce affordable housing and provide downpayment assistance. HUD Secretary Alphonso Jackson said the funding represents another investment in improving the living conditions for Thurston County's lower income families.

"This Administration is committed to promoting economic development and job growth, increasing the supply of affordable housing, and helping our most vulnerable neighbors," said Jackson. "These funds will serve as a catalyst
for low-income families trying to cross the threshold into homeownership and reinforces our commitment to
rebuilding entire communities."

HUD is providing a consortium of communities around Thurston County $956,654 in HOME Investment Partnerships Program funding and $123,989 to help support downpayment assistance programs under The American Dream Downpayment Initiative.

HOME 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 committed to produce nearly 785,000 affordable housing units, including almost 300,000 for new homebuyers purchasing their first home. In addition, over 100,000 tenants have received direct rental assistance. A new initiative under the HOME program is the American Dream Downpayment Initiative (ADDI), which will promote home ownership opportunities by providing necessary resources for downpayment and closing cost assistance to low- income and minority households.

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. 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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