WASHINGTON, D.C.-U.S. Senators Olympia Snowe (R-ME) and Susan Collins (R-ME) today announced $708,090 in federal funding to the State of Maine from the U.S. Department of Housing and Urban Development (HUD). The funds have been provided through the American Dream Downpayment Initiative (ADDI) a new program under the HOME Investment Partnership Program. "The Maine Department of Housing and Urban Development will truly benefit from this federal grant," Snowe and Collins said in a joint statement. "Giving low-income families that initial boost they need to begin the process of homeownership is critical to the revitalization of Maine communities."
HOME provides formula grants to States and localities often in partnership with local nonprofit groups. The funds provide affordable housing to low-income families and communities. ADDI enhances communities by increasing homeownership by assisting first-time homebuyers with downpayment and closing costs, which are the biggest hurdles to homeownership.