WASHINGTON (Inman News Features) - Mel Martinez, secretary of the U.S. Department of Housing and Urban Development, announced the advent of the American Dream Downpayment Fund, a fiscal year 2003 initiative to help 200,000 low-income families purchase homes. The fund will provide communities throughout the country with $200 million in grants to provide low-income first-time home buyers with interest rate reductions, closing costs and down payment assistance.
"Opening the doors to home ownership to more Americans is one of this Administration's goals," said Martinez. "The American Dream Downpayment fund will accomplish much more than that. By giving as many Americans as possible an opportunity to become stakeholders in their community, we believe it will help to stabilize some neighborhoods and completely revitalize others."
The American Dream Downpayment Fund will become part of HUD's Home Investment Partnerships program. Known as HOME, this existing program helps communities expand the supply of standard affordable housing for low-income families by providing grants to state and local governments.