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SEN. SHELBY PRAISES SENATE PASSAGE OF AMERICAN DREAM DOWN PAYMENT ACT
Washington, D.C. - - U. S. Sen. Richard C. Shelby (R-Ala.) today commented on the Senate's passage of "the American Dream Down payment Act." The bill authorizes $200 million in grant assistance each of the next four years to low-income, first-time homebuyers.
Sen. Shelby said, "One of the many obstacles to achieving homeownership is putting together the money for a down payment. 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 shepherding 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."
Billions of dollars are also available to purchase homes, rental property, and many other projects. it's part of a joint government and banking initiative to revitalize the economy by making loans more accessible to people previously rejected as a poor credit risk.
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