HUD grants authorized for down payment assistance

Northwestern Financial Review, Jan 15-Jan 31, 2004

President Bush has signed the American Dream Down Payment Act which, according to the Department of Housing and Urban Development, provides for $200 million in down payment and closing cost assistance to as many as 40,000 low-income families. HUD will administer the project. Under the program, the maximum down payment assistance is either $10,000 or 6 percent of the purchase price of the home, whichever is greater.

More than 500 state and local jurisdictions will be eligible to receive grant funding under the law.