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WASHINGTON (October 1, 2003) The National Association of Realtors hailed the U.S. House of Representatives for passing legislation today that would provide $400 million in grants over the next two years to help 80,000 low-income families pay downpayment and closing costs on their first homes.
The American Dream Downpayment Act, H.R. 1276, is one of NAR's top legislative priorities this Congress. The bill was introduced earlier this year by U.S. Rep. Katherine Harris (R-Fla.). U.S. Sen. Wayne Allard (R-Colo.) has introduced companion legislation, S. 811, in the Senate.
NAR also commended President George W. Bush and U.S. Housing and Urban Development (HUD) Secretary Mel Martinez for first proposing the idea for the legislation as part of the administration's commitment to help low-income and minority families achieve the American dream of the homeownership.
"Realtors applaud the Bush administration and Reps. Mike Oxley (R-Ohio), Barney Frank (D-Mass.), Bob Ney (R-Ohio) and Maxine Waters (D-Calif.) for their outstanding leadership and commitment to helping more families achieve the American dream of homeownership through the American Dream Downpayment Act," said NAR President Cathy Whatley, owner of Buck & Buck Inc. in Jacksonville, Fla. "NAR is thrilled to support legislation that would reduce two of the biggest barriers to homeownership ? downpayment and closing costs ? for 40,000 families a year. Although our homeownership rate is at a record high, one out of seven American families still faces critical housing needs. The American Dream Downpayment Act is a tremendous program that would not only create thousands of housing opportunities but also help sustain the housing market, which has been the pillar of our economy."
The bill would provide an average of $5,000 in downpayment and closing cost assistance to help first-time homebuyers with annual incomes that do not exceed 80 percent of the area median income. Grants would be made to state and local governments through HUD's HOME Investment Partnership program. The initiative is one of many discussed at last week's National Summit on Housing Opportunities convened by NAR.
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