Nov 25 2003

SEN. SHELBY PRAISES SENATE PASSAGE OF AMERICAN DREAM DOWNPAYMENT ACT

U. S. Sen. Richard C. Shelby (R-Ala.) today commented on the Senate’s passage of S. 811, “the American Dream Downpayment Act.” The bill authorizes $200 million in grant assistance each of the next four years to low-income, first-time homebuyers. The grants will be administered through the Department of Housing and Urban Affairs.

Sen. Shelby said, “One of the many obstacles to achieving homeownership is putting together the money for a downpayment. This is especially true for low-income, first time homebuyers. This legislation will help many families that would not otherwise have the opportunity to own a home.”

“I would especially like to thank Sen. Allard for his leadership in introducing this proposal. He has been instrumental in sheparding it through the Committee and the Senate. Sen. Allard truly understands the significance of helping hard working families achieve a piece of the American dream.”

At the current funding level, Alabama would receive $2.86 million a year for downpayment assistance. This would translate to about 570 Alabama families achieving homeownership per year under the program. The Senate passed S. 811 by unanimous consent on Monday, November 24, 2003.