American Dream Down Payment Act of 2003
Encyclopedia
On December 16, 2003, President
George W. Bush
signed into law the American Dream Downpayment Initiative, which was aimed at helping approximately "40,000 families a year" with their down payment
and closing cost
s, and further strengthen America
’s housing market.
This legislation
complemented the President’s "aggressive housing agenda" announced in a speech he gave at the Department of Housing and Urban Development
on June 18, 2002. In this speech the President outlined the partnerships needed to make homeownership a reality for millions more Americans by the end of the decade.
President
A president is a leader of an organization, company, trade union, university, or country.Etymologically, a president is one who presides, who sits in leadership...
George W. Bush
George W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
signed into law the American Dream Downpayment Initiative, which was aimed at helping approximately "40,000 families a year" with their down payment
Down payment
Down payment is a payment used in the context of the purchase of expensive items such as a car and a house, whereby the payment is the initial upfront portion of the total amount due and it is usually given in cash at the time of finalizing the transaction.A loan is then required to make the full...
and closing cost
Closing cost
Real property in most jurisdictions is conveyed from the seller to the buyer through a real estate contract. The point in time at which the contract is actually executed and the title to the property is conveyed to the buyer is known as the "closing"...
s, and further strengthen America
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
’s housing market.
This legislation
Legislation
Legislation is law which has been promulgated by a legislature or other governing body, or the process of making it...
complemented the President’s "aggressive housing agenda" announced in a speech he gave at the Department of Housing and Urban Development
United States Department of Housing and Urban Development
The United States Department of Housing and Urban Development, also known as HUD, is a Cabinet department in the Executive branch of the United States federal government...
on June 18, 2002. In this speech the President outlined the partnerships needed to make homeownership a reality for millions more Americans by the end of the decade.