U.S. Housing and Urban Development Secretary Alphonso Jackson announced this week that thousands of communities around the country will receive nearly $1.8 billion to promote HUD's affordable housing and first-time homebuyers 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. ADDI helps first-time homebuyers with the biggest hurdle to homeownership: 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
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