The American Dream Downpayment Act looks to help low-income and minority families achieve the dream of home ownership.
The bill would help 40,000 low-income families and first-time home buyers with down payment and closing costs. It would increase the current 49 percent minority home ownership rate closer to the national rate of 67 percent.
It would also provide an average $6,500 down payment assistance grant to low-income, first-time buyers. The bill has been approved in the U.S. House of Representatives and now must go through the Senate.
Fannie Mae met with local lenders and real estate professionals at the Holiday Inn West in Lansing. They also discussed the issue of affordable housing and ways they can strengthen neighborhoods by helping hard-working families become homeowners.