The American Dream Downpayment Act Law and Legal Definition
The American Dream Downpayment Act is a U.S. federal statute signed into law, by President George W. Bush on December 16, 2003. The Act was enacted to support certain housing proposals in the fiscal year 2003 budget for the Federal Government, including the downpayment assistance initiative under the HOME Investment Partnership Act, and for other purposes. It provides grants to help home buyers with downpayment and closing costs. Grant recipients must be first time home buyers with annual incomes that do not exceed 80 percent of the area median income. The proposal authorizes $200 million dollars for the program for fiscal year 2004. According to the Act, downpayment assistance means assistance to help a family acquire a principal residence.
The primary goals of the Act are:
To increase the home ownership rate, especially among minority groups, who have lower rates of home ownership when compared to the national average.
To lower closing costs by approximately $700 per loan in order to stimulate home ownership for all Americans.
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