(Washington, DC) Stanley Jackson, Director, Department of Housing and Community Development (DHCD), announces the implementation of the American Dream Down-Payment Initiative (ADDI). ADDI aims to increase the homeownership rate, especially among lower income households, and tenants of public and assisted housing. ADDI also seeks to revitalize and stabilize communities.
ADDI will help first-time homebuyers with the biggest hurdle to homeownership: down payment and closing costs. The program was created to assist low-income, first-time homebuyers in purchasing single-family homes by providing funds for down payment, and closing costs. The maximum amount of assistance, under this initiative, per eligible household will be $10,000. Eligible households will receive assistance under this initiative in the form of a forgivable loan.
Eligibility Requirements:
Individuals must be residents of the District of Columbia and must have legally resided in the District of Columbia for at least one year at the time of application
Individuals must be first-time homebuyers. (A first-time homebuyer is defined as an individual and his or her spouse who have not owned a home during the three-year period prior to the purchase of a home in the District of Columbia.)
Individuals must be able to secure a first-trust mortgage from a reputable lender.
Applicants’ income must not exceed the following limits:
1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
$40,250 $46,000 $51,750 $57,500 $62,100 $66,700 $71,300 $75,900
Community-Based Organizations will begin accepting applications for the American Dream Downpayment Initiative on November 15, 2004.
Contact the organization nearest your residence to schedule a pre-qualification interview