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Alphonso Jackson on Welfare & PovertySecretary of H.U.D. |
A: Your question gives me the opportunity to talk about one of my favorite programs at HUD, the American Dream Downpayment Initiative. The American Dream Downpayment Initiative was first proposed by President Bush during his 2000 campaign. We worked with Congress for three years to enact the legislation. Since the day it passed, HUD has helped more than 6,500 families buy their first homes - and about 50 percent of the buyers have been minorities. Next year, we’re requesting $200 million for this program, which could help 40,000 families achieve homeownership. To see if you qualify for downpayment assistance, visit http://www.hud.gov/. As a first-time homebuyer, you may also want to learn about FHA-insured loans. Unlike conventional loans that adhere to strict underwriting guidelines, FHA-insured loans require very little cash investment to close a loan.
A: Although we stress homeownership for the many reasons I’ve highlighted today, I recognize that it’s not always an option for low-income families. You mentioned public housing, which is one of a number of HUD programs that make housing more affordable and accessible for families of limited means. We also have programs that assist elderly persons, individuals with disabilities, HIV/AIDS patients, homeless individuals and families, ex-offenders, and others with special needs. Then there’s the Section 8 Housing Choice Voucher program, which helps two million families every year rent housing in the private market.