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American Dream Downpayment Initiative
US Dept. Housing & Urban Development
www.hud.gov

Program Overview

American Dream Downpayment Initiative is a program created by HUD to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase. Selected urban locations in Maryland, including Baltimore City and Anne Arundel, Baltimore, Harford, Howard, Montgomery and Prince George's counties. Additionally, Maryland receives an additional allocation for the entire state.

Property Eligibility Requirements

Properties must be located in eligible cities and urban counties. Additionally, Maryland receives an additional allocation for the entire state. Allowable property types: one- to four- family housing, condominium unit, cooperative unit, manufactured housing.

Benefit Details

Borrowers may qualify for up to $10,000 under the HUD guidelines, but funding is limited so the grant amounts are much lower in participating jurisdictions. Benefit: ADDI funds may be used for downpayment, closing costs and, if necessary, rehabilitation in conjunction with home purchase. ADDI funds used for rehabilitation may not exceed twenty percent of the participating jurisdiction's total ADDI allocation. The rehabilitation assisted with ADDI funds must be completed within one year of the home purchase. Homebuyer Counseling / Education Required: Yes Owner Occupancy Required: Yes Other Program Comments: Funding for the ADDI program is approved annually in the federal budget with limited funds. First-come, first-served policy applies in all jurisdictions.

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