News Release for Immediate Release May 15, 2005 DHCD Update on American Dream Down-Payment Initiative (ADDI)   (Washington, DC) Although the US Department of Housing and Urban Development (HUD) announced the implementation of the American Dream Down-Payment Initiative (ADDI) in 2004, the federal appropriations law delayed establishment of FY 2005 funding for ADDI in the District’s Congressionally-approved budget until approximately March 1, 2005. The Department of Housing and Community Development will announce guidelines for the implementation of ADDI in the District on or before June 15, 2005. ADDI funding for FY 2005 will provide limited downpayment/closing cost assistance for approximately 70 low income first-time homebuyers. In the District, however, it is not necessary to wait for ADDI for citizens to receive first-time homebuyer assistance. DHCD has traditionally used federal CDBG and HOME monies, as well as local funds, for this purpose, through our Home Purchase Assistance Programs, which typically assist about 250 first-time homebuyers each year. The limits of assistance range from $10,000 to $30,000, depending on the income of the homebuyer, the price of the subject house, and the amount of first mortgage loan for which the homebuyer qualifies. For more information, please call (202) 442-7200 for the Home Purchase Assistance Programs (HPAP).