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

[Tom Hansen]

One problem (I think).

 

Assuming that the price of a moderately priced house in the Moscow area is,
say $100,000.

 

ADDI provides $10,000 for down-payment/closing costs.  That leaves $90,000.
Mortgaged over 30 years at 7%, monthly mortgage payments amount to $598.77.

 

$598.77 per month for the next 30 years is a little steep for a family on
Section 8.

 

Any thoughts?

 

Tom Hansen

Moscow, Idaho

 

We could learn a lot from crayons: some are sharp, some are pretty, some are
dull, some have weird names, and all are different colors....but they all
exist very nicely in the same box. 

  _____  

From: vision2020-bounces at moscow.com [mailto:vision2020-bounces at moscow.com]
On Behalf Of Janesta D. Carcich
Sent: Tuesday, May 31, 2005 9:51 AM
To: Vision 20/20
Subject: [Vision2020] $10,000 Down Payment Assistance Available Via American
Dream Down Payment Initiative  

 

 


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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