Question:

What is the American Dream Down payment Initiative program?

Answer:

The American Dream Downpayment Initiative program (ADDI) was set in 2003 to help provide more affordable housing to people with lower income and minority groups. It is part of the Home Investment Partnerships Program.

Through the American Dream Downpayment Initiative achieving higher levels of homeownership for minority and low income household is becoming a priority. Many families who rent could in fact afford a mortgage payment but couldn't cover down payment and closing costs. The ADDI is set to resolve that providing assistance of up to $10,000 or 6% of the loan amount. According to statistics, even assistance of $1000 could make a great difference and lead to 20% increase of home purchases made by target households.

The American Dream Downpayment Initiative is not the only grant program to assist with down payment and closing costs. The Community Development Block Grant (CDBG) and HOME programs are among many others that can be used to assist first-time homebuyers with the down payment.

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