Hud's American Dream Proposal

Hud has a new proposal planned for 2004. The goal is to authorize $200 million in formula grants to help homebuyers with downpayment and closing costs, the biggest hurdles to homeownership. HUD expects the program to assist tens of thousands of families

Program Goal

Increase the overall homeownership rate, especially among minority groups who have lower rates of homeownership compared to the national average. More than two-thirds of all Americans own their home. Fewer than half of African-American and Hispanic families are homeowners. Revitalize, stabilize communities.

Eligibility Requirements

The focus is on low-income families who are also first-time homebuyers. To participate, recipients must have annual incomes that do not exceed 80 percent of the area median income. Based on current experience in the HOME program, it is anticipated that the initiative will help tens of thousands of families over time, with an average subsidy of $7,500.

Program Administration

Will be administered as a part of HUD's existing HOME Investment Partnerships Program (HOME). HOME helps address the shortages of affordable rental housing and home ownership in communities nationwide. Families may use the subsidy for down payment assistance, such as closing costs and interest reduction. States and local governments with populations over 150,000 or allocated at least $50,000 by formula will receive funding.

Program Start Date

The program is expected to start in Spring 2004.

 

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