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
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?