March 10, 2005

American Dream One Step Closer For Many

Crapo-sponsored housing bill moves to Senate floor

Washington, DC -- Low-income families came one step closer to the dream of home ownership today, as the American Dream Downpayment Act was reported out of the Senate Banking, Housing, and Urban Affairs Committee this morning. Idaho Senator Mike Crapo, who sits on the committee and is an original co-sponsor of the bill, praised both the bill and the committeeâ??s action. The measure has been endorsed by the Administration and is considered a priority by President Bush.â??Homeownership is an integral part of the American Dream, and it strengthens communities when people have that kind of investment in their neighborhoods and towns,â?? Crapo said. â??This bill will provide grants to participating states and localities to assist low-income families in achieving this dream. Up to 40,000 low-income, first time homebuyers nationwide stand to benefit from this important bipartisan measure. I applaud the committeeâ??s vote and look forward to action on this Act before the full Senate. Through this measure, many families in Idaho will have the opportunity of home ownership that may have been out of reach before.â??The American Dream Downpayment Act (S. 811) authorizes the appropriation of $200 million annually to be made available to participating local authorities. The amount made available to each state is determined by their share of low-income renters. Assistance to any single family is capped at either $10,000 or six percent of the purchase price of a home. The program is scheduled to sunset on December 31, 2007, which will allow Congress to analyze the programâ??s efficiency and effectiveness in helping families purchase homes. S. 811 was introduced in April and grew out of bipartisan efforts of the Senate Banking Committee. It presently has eight co-sponsors, and is expected to be considered on the Senate floor later this year.# # #FOR INTERESTED MEDIA: A radio actuality is available by calling 1-800-545-1267. Press 327 at any time during or after the greeting and instructions. You can also access the actuality through the Internet at http://www.senate.gov/~src/radio.