American Dream Down Payment
Initiative (ADDI)
 The
American Dream Down payment Initiative (ADDI) was signed into law on December 16,
2003. The American Dream Down payment Assistance Act authorizes up to $200
million annually for fiscal years 2004 - 2007.
ADDI aims to increase the homeownership
rate, especially among lower income and
minority households, and to revitalize and
stabilize communities. ADDI will help
first-time homebuyers with the biggest hurdle
to homeownership: down payment and closing
costs. The program was created to assist
low and moderate income
(see
income guidelines) first-time homebuyers in purchasing
single-family homes by providing funds for
down payment, closing costs, and rehabilitation
carried out in conjunction with the assisted
home purchase.
Currently, Mesa does not have a program or policies in place to administer these funds.
The City is considering options available for the administration of the
program. If you are interested in other first-time homebuyer programs, contact
Housing our Communities
at
(480) 649-1335.
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