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American Dream Downpayment Initiative (ADDI) Program
for Prince George's County Homebuyers
WHAT IS ADDI?
The American Dream Downpayment Initiative ("ADDI") provides downpayment and closing cost assistance to families earning up to 80% of the area median income who are first-time homebuyers (or have not owned a home in the last 3 years) for the purchase of single-family housing that will serve as the family's principal residence. The ADDI program is a 5-year forgivable loan at 0% interest of up to $10,000 for downpayment and/or closing costs. Most will not exceed $5,000.
Prince George's County Department of Housing and Community Development administers the program, and Housing Initiative Partnership (HIP) or Kairos can assist homebuyers with their applications. Many first-time homebuyers are unable to save enough money to pay downpayment and closing costs and as a result, this is one of the most significant obstacles to homeownership among low-income families. The purpose of ADDI is to provide funding targeted for families to be used for downpayment and closing cost assistance to remove this obstacle. Additional downpayment/closing cost grants are available. Ask HIP or Kairos which may apply to you.
Eligibility
- Purchaser(s) must be first-time homebuyers or not have owned a home in at least three (3) years.
- Purchaser(s) must earn 80% or less of the area median income based on household size.
- 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 downpayment/closing cost loan; no temporary subleases.
- Purchaser must complete an intensive homeownership educational workshop conducted by a HUD-approved housing counseling agency PRIOR to applying for ADDI funds.
- Contribute a minimum of $1,000 toward the purchase of the home.
- Qualify for a first mortgage.
| Maximum Household Income 80% of AMI as of 11/16/2011 |
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| Household Size | Maximum Income | Household Size | Max. Income |
| 1 | $49,200 | 5 | $75,900 |
| 2 | $56,200 | 6 | $81,500 |
| 3 | $63,250 | 7 | $87,150 |
| 4 | $70,250 | 8 | $92,750 |
VERY IMPORTANT
- Please allow 60 days from contract ratification to settlement.
- Once a complete application has been submitted to HIP, Prince George's County will require 30 to 45 days to review and approve the application.
- Applications CANNOT be faxed or dropped off. Client MUST make an appointment with a counselor to provide and review completed ADDI application.
How Do I Apply?
To get started, or get more information on the program, you will need to contact one of the ADDI providers listed below:
Kairos - (301) 899-8487
Housing Initiative Partnership - (301) 699-5875
For more details and an application, click here >
For an information flyer, click here >
