HUD ANNOUNCES $1.8 BILLION FOR AFFORDABLE HOUSING
ST. LOUIS - U.S. Housing and Urban Development (HUD) Secretary Alphonso Jackson
last week announced that communities throughout the nation will receive grants amounting to nearly $1.8 billion to help promote affordable housing and assist first-time home buyers. The funding will support HUD's HOME Investment Partnerships Program (HOME), which is designed to produce affordable housing for low-income families, and the American Dream Downpayment Initiative (ADDI), a program aimed at helping first-time buyers with their down payment and closing costs.
The additional funding for both programs was granted in order to build economically stronger communities throughout the U.S. Since the programs began, HOME has produced more than 781,000 affordable housing units in 645 different communities and ADDI has assisted 23,000 first-time home buyers.
HUD No. 07-058
May 8, 2007