American Dream Downpayment Initiative

HUD recently announced that more than 400 state and local governments will share $161.5 million to help thousands of new, low-income homebuyers with downpayment and closing costs this year through HUD's American Dream Downpayment Initiative.

Locally, the program will be administered under HUD's HOME Investment Partnership Program by the City of Columbus and Franklin County Board of Commissioners. Below are the guidelines.

ADDI Program Guidelines

Eligibility
First-time homebuyers or buyers who have not owned a home in 3 years, with incomes not to exceed 80 percent of area median income.

City of Columbus: Home must be located in the Columbus Public School Tax District.
Franklin County: Home must be located inside Franklin County, and outside the political jurisdiction boundaries of the City of Columbus.

Types of Assistance

City of Columbus: Homebuyers currently can receive 5% of the home?s purchase price, up to $4,000. Grants are subject to be increased in 2005.
Franklin County: Homebuyers can receive up to 3% or $3,000, whichever is less, for down payment assistance and up to $2,000 for assistance with closing costs. The assistance may not be combined with other programs.

Homebuyer Education
Homebuyer education is required by both the City of Columbus and Frankin County Board of Commissioners. For the city, the curriculum must be approved by City of Columbus Homebuyer Education Advisory Committee.

Program Administrators

City of Columbus: Kehinde Walker Powell, Columbus Dev. Dept., adminsters the program for the City of Columbus, 614/645-6211
Franklin County: Kim Kellogg, Columbus Housing Partnership, adminsters the program for the Franklin County Board of Commissioners, 614/221-8889