New law to assist low-income buyers
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President Bush signed into law the American Dream Downpayment Act, aimed at helping low-income people overcome a major hurdle to homeownership by making funds available for home loan down payments.
The measure provides qualified first-time home buyers with $5,000 on average toward a down payment and closing costs on a home loan. Congress is set to approve $87.5 million in spending for the bill, which is expected to assist about 20,000 home buyers a year.
The National Low Income Housing Coalition, a housing advocacy group, criticized the administration for not having a broader policy to create more affordable rental housing.
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