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11-12-2004

Page history last edited by PBworks 13 years, 2 months ago

November 12, 2004

ROMNEY ANNOUNCES $1.5M FOR FIRST-TIME HOMEBUYER PROGRAM

Funds promote homeownership opportunities for low- and moderate-income households

 

Governor Mitt Romney today announced that hundreds of low- and moderate-income residents throughout Massachusetts can now realize the American dream of homeownership thanks to a $1.5 million grant from the U.S. Department of Housing and Urban Development (HUD) to provide downpayment and closing cost assistance to eligible buyers.

 

“We want to make it easier for more families in Massachusetts to realize the American dream of buying their own home,” said Governor Romney. “The commitment of these funds from the Bush Administration not only represent downpayments for new homes, they also represent an investment towards a prosperous future for the families of our Commonwealth.”

 

The American Dream Downpayment Initiative (ADDI), signed into law by President Bush in December 2003, aims to increase the homeownership rate, especially among lower income and minority households, and to revitalize and stabilize communities.

 

ADDI is a component of the federally-funded HOME Program, which is administered locally by the state Department of Housing and Community Development (DHCD). The program assists eligible homebuyers in purchasing single-family homes by providing funds for downpayment and closing costs.

 

“Downpayment and closing related costs are enormous hurdles for a low-or moderate-income, first-time homebuyer,” said DHCD Director Jane Wallis Gumble. “Thanks to these funds, working families will able to overcome that obstacle and realize the American dream of homeownership.”

 

The amount of ADDI assistance provided to program participants ranges from $5,000 to $10,000. To be eligible for ADDI assistance, applicants must be first-time homebuyers with household incomes at or below 80 percent of the area median income. Funds may be used to purchase one- to four- family housing, condominium unit, or manufactured home and lot.

 

Over 100 cities and towns across the Commonwealth are participating in the program through nine non-profit agencies receiving ADDI awards: Community Service Network, Inc., HAP, Inc., Merrimack Valley Housing Partnership, Montachusett Enterprise Center/Twin Cities CDC, Neighborhood Housing Services of the South Shore, Plymouth Redevelopment Authority, Pro-Home, Inc, South Shore Housing Development Corporation, and Quincy Community Action Programs.

 

Prospective first-time homebuyers should contact their local administering agency for application information.


Tags: Housing, Smart Growth, Affordable Housing

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