HUD allocating money to first-time homebuyers

OKLAHOMA CITY (AP) -- The U.S. Department of Housing and Urban Development will help some Oklahomans realize their American Dream.<br/><br/>HUD announced Wednesday that the state will get $1.97 million

Thursday, June 3rd 2004, 5:40 am

By: News On 6

OKLAHOMA CITY (AP) -- The U.S. Department of Housing and Urban Development will help some Oklahomans realize their American Dream.

HUD announced Wednesday that the state will get $1.97 million to distribute to first-time, low-income home buyers.

Oklahoma's share is part of the $161.5 million being given to more than 400 state and local governments to help with down payments and closing costs.

The American Dream Down payment Initiative will enable many home buyers earning less than 80 percent of their community's median income to purchase their first home.

In Oklahoma City, 80 percent of the median income for a family of four is $41,700, according to the latest HUD figures. Oklahoma City will receive $389,120 from the grant.

In Tulsa, 80 percent of the median income for a family of four is $43,600. Tulsa will get $335,653 from the grant.

The new federal program will give the eligible home buyers up to $10,000 or 6 percent of the home's purchase price for down payments, closing costs or property rehabilitation costs.

Purchases will be restricted to a one- to four-family home, condominium unit, cooperative unit or manufactured housing.

The funds will be available July 1.