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American Dream Down Payment Act

President Bush Signs $200 Million Program
Helping Low Income Families Become Homeowners.

Thanks to Congress, President Bush and HUD, The American Dream Down Payment Act program is expected to begin in Spring 2004. Check with your real estate agent or mortgage lender for the exact start date.

Congress has authorized $200 million in formula grants to help qualifying homebuyers with home purchase down payment and closing costs. The Act will assist tens of thousands of low income families realize the American Dream of owning a home. The program goal is to increase home ownership, particularly among minority groups to revitalize communities.

The focus is on low-income families that are also first-time homebuyers. Eligible participants must have annual incomes that do not exceed 80% of the area median income level. It is anticipated that the initiative will result in an average assistance subsidy of $7,500 to offset down payments, closing costs and interest reduction.

President Bush applauded Congress for authorizing this windfall of funding which will help meet the Administration’s “Homeownership Challenge” that is targeted to increase minority home ownership by 5.5 million families by the end of the decade.

Visit www.hud.gov or espanol.hud.gov for detailed information or ask your Arizona real estate agent or Arizona mortgage lender.