American Dream Downpayment Initiative (ADDI)
The US Department of Housing and Urban Development (HUD) has funds available to assist low- and moderate-income homebuyers with downpayment and closing costs. Funds are available!
The following outlines the basic program guidelines and eligibility. ALL INFORMATION IS SUBJECT TO CHANGE.
Program:
§ Most downpayment/closing loans will not exceed $5,000. Loans range from a minimum of $1,000 to a maximum of 6% of the purchase price of a single-family home not to exceed $10,000. Loan amounts will be determined on a case by case basis. Purchasers must provide at least $1,000 of their own funds in the transaction.
§ ADDI funds are structured as a 5-year forgivable loan. The loan will reduce by 20% each of the five years. After the five-year term of the loan, the debt will be forgiven. If the home is sold during the loan term, the owner must repay the unforgiven portion of the loan.
§ The ADDI program can be layered with SOME downpayment/closing cost grants.
§ Purchasers must obtain home and termite inspections by certified, licensed inspectors.
Eligibility:
§ Purchaser(s) must be first-time homebuyer(s) or not have owned a home in the last three (3) years
§ Purchaser(s) must earn 80% or less of the area median income based on household size:
Household Size Max. Income Household Size Max. Income
1 $50,600 5 $78,000
2 $57,800 6 $83,800
3 $65,000 7 $89,600
4 $72,200 8 $95,400
§ Purchaser(s) must buy a home located in Prince George’s County, Maryland
§ Purchaser(s) must live in the home as their primary residence during the 5-year term of the down/payment closing cost loan; no temporary subleases
§ Purchaser must complete intensive, HUD-certified homeownership counseling program PRIOR to applying for ADDI funds.
How to Get Started:
Two nonprofit housing organizations will administer the ADDI loan funds for Prince George’s County, Maryland. Both offer intensive, HUD-certifed homeownership counseling. Call either organization to sign up for counseling and begin the process.
Housing Initiative Partnership
6525 Belcrest Road, Suite 555
Hyattsville, MD 20782
Contact Graciela Aponte at (301) 985-5048 (English & Spanish)
Kairos Development Corporation
5601 Old Branch Avenue
Camp Springs, MD 20748
Contact Harold Davis at (301) 899-1180