HUD ANNOUNCES MORE THAN $2.8 MILLION IN DOWNPAYMENT ASSISTANCE FOR FIRST-TIME HOMEBUYERS IN MARYLAND

BALTIMORE - Hundreds of low-income families living in eight Maryland communities can now realize the dream of homeownership because of $2.8 million in American Dream Downpayment Initiative (ADDI) funding announced today by Housing and Urban Development Secretary Alphonso Jackson and Lt. Governor Michael S. Steele (see chart below).

"The single greatest obstacle to homeownership is the downpayment and closing costs," said Jackson. "This program, will give first-time homebuyers downpayment assistance grants up to $10,000 or six percent of the home's purchase price, whichever is greater. Not only will these grants help to defray the upfront costs of purchasing a first home, they can also be used to help offset the costs of rehabilitating the property."

To be eligible for this assistance, individuals must be first-time homebuyers interested in purchasing one- to four-family housing, condominium unit, cooperative unit or manufactured housing. In addition, individuals who qualify for this assistance must have incomes not exceeding 80 percent of area median income. If you are interested in obtaining downpayment assistance through this program, please contact your local community.

Jackson said, "During the Bush Administration, a record number of new homeowners, specifically minority families, have achieved a home of their own. I encourage Congress to fully support the President's request to continue this important new homeownership tool so even more Maryland families can realize their American Dream."