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29 <br />American Dream Downpayment Initiative Program <br />The American Dream Downpayment Initiative (ADDI) was signed into law by <br />President Bush on December 16, 2003 under the American Dream Downpayment Act <br />(Public Law 108-186) (ADDI Statute). The goal of the program is to increase the <br />homeownership rate, especially among lower income and minority households, and to <br />revitalize and stabilize communities. The Orange County HOME Consortium will <br />receive $54,145 under this program in FY 2004 - 2005. <br />Funds can be used for down payment, closing costs, and rehabilitation carried <br />out in conjunction with the assisted home purchase, Under this program, assistance <br />cannot exceed $10,000 or 6% of the purchase price of the home, whichever is greater. <br />These funds will be used far a County-wide Second Mortgage Program. The HOME <br />Program Council will develop specific program guidelines, <br />