[Vision2020] $10,000 Down Payment Assistance Available Via American Dream Down Payment Initiative

[Janesta D. Carcich]

>>

Good morning!

This program will assist in the purchase of a home. *smile*  Perhaps 
you, or someone you know would benefit from this. If so, please pass it 
on!

Have a lovely day!

Janesta Carcich
Independent Living Advocate



>> (BOISE) Starting April 1, eligible home buyers can get up to $10,000 
>> in down payment assistance through a new program from Idaho Housing 
>> and Finance Association. The Bush Administration, together with the 
>> U.S. Department of Housing and Urban Development, has launched the 
>> American Dream Down Payment Initiative, which offers assistance based 
>> on need and income. IHFA will administer these funds in Idaho.
>>
>> "ADDI funds are primarily for those in mobile home parks, public 
>> housing units and current Section 8 voucher holders," said Julie 
>> Williams, IHFA vice president of Community Housing Services. 
>> "Families earning below 80 percent of the median area income and 
>> first-time home buyers, or families participating in an Individual 
>> Development Account program, which sets aside and provides matching 
>> funds for education, employment and housing, also qualify.
>>
>> Some sources have estimated that up to 30 percent of low-income 
>> families cannot afford to buy a modestly priced home solely because 
>> they lack sufficient funds for the down payment and closing costs. 
>> Obtaining the resources to meet these upfront costs is the most 
>> significant obstacle to home ownership among lower-income families, 
>> Williams said. 
>>
>> "The American Dream Down Payment Initiative will eliminate this 
>> obstacle for many while enabling communities to increase home 
>> ownership opportunities, particularly for lower-income and minority 
>> households, broaden their tax base and revitalize neighborhoods," she 
>> added.
>>
>> For more information on ADDI, contact IHFA's Grant Programs 
>> Department at 1-877-4GRANTS or check IHFA's Web site at 
>> www.ihfa.org/addi_information.asp.  For initiative updates or 
>> information on the availability of other HUD home ownership 
>> assistance programs, please check HUD's Web site at www.hud.gov. 
>>        
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