President Bush Calls for Homeownership Downpayment Fund
Speaking yesterday about housing and the economy, President George W. Bush called on the Senate to approve a homeownership downpayment fund. The House has already passed legislation to fund downpayment assistance; H.R.1276, the “American Dream Downpayment Act” will provide $200 million in downpayment assistance grants to low-income families under the U.S. Department of Housing and Urban Development’s (HUD) HOME Investment Partnerships Program. Meanwhile, the Senate Committee on Banking, Housing and Urban Affairs met yesterday to markup S. 811, its version of the measure. The Senate has provided $50 million for this program in its fiscal year 2004 VA, HUD and Independent Agencies spending bill.