HUD: $1.8 billion for affordable housing and first-time owners

ST. LOUIS – May 9, 2007 – U.S. Housing and Urban Development (HUD) Secretary Alphonso Jackson announced that thousands of U.S. communities will share almost $1.8 billion to promote HUD’s affordable housing and first-time homebuyer programs.

The total national funding of $1.757 billion will support HUD’s HOME Investment Partnerships Program (HOME) and American Dream Downpayment Initiative (ADDI) in fiscal year 2007.

HOME is the largest federal block grant to state and local governments designed exclusively to produce affordable housing for low-income families. Since 1992, 645 communities have completed more than 781,000 affordable housing units, including more than 327,000 for new homebuyers. In addition, nearly 163,000 tenants have received direct rental assistance.

ADDI helps first-time homebuyers with downpayment and closing costs. The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs and rehabilitation carried out in conjunction with the assisted home purchase. Since the program’s inception, ADDI has assisted approximately 23,000 households to purchase their first home. Information: www.hud.gov/offices/cpd/affordablehousing/programs/home/addi/index.cfm.

© 2007 FLORIDA ASSOCIATION OF REALTORS®

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