$10,000 Down Payment Assistance Available Via American Dream Down Payment Initiative
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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The Idaho Housing and Finance Association, a financial services and housing business organization, provides funding for affordable housing in communities where it is most needed and when economically feasible.
