Statement of Administration Policy: H.R. 1276 - American Dream Downpayment Act

STATEMENT OF ADMINISTRATION POLICY

(House)

(Rep. Harris (R) and 95 cosponsors)

The Administration strongly supports House passage of H.R. 1276, the American Dream Downpayment Act.

A compassionate society must provide opportunity for all, and promote the independence and dignity that come from homeownership. Three-quarters of non-minority Americans own their homes. However, fewer than one-half of all African Americans and fewer than one-half of all Hispanics in America own their own homes. The single greatest barrier to achieving first-time homeownership is the difficulty many potential homeowners face in covering the initial downpayment.

H.R. 1276 is consistent with the Administration's initiative to authorize $200 million for grants within the HOME Investment Partnerships program to assist low-income first time homebuyers with downpayments and closing costs. H.R. 1276 will help make homeownership a reality for up to 40,000 families annually.