Bill Statistics

The Middle Class Position

The middle class supports.

How They Voted

100% with middle class
0% against middle class
0% did not vote
Pie Chart

Grades

Grade A
Senate

The Senate receives a grade of A for its support of the middle class on this piece of legislation.

100 Senators voted for the middle-class position; 0 voted against.

Grade A
House

The House receives a grade of A for its support of the middle class on this piece of legislation.

435 Representatives voted for the middle-class position; 0 voted against.

See how each member voted on this bill:

House Senate

S. 811

American Dream Downpayment Act of 2003

in
Introduced:
04.08.2003 [Senate]
Enacted into Law: 12.16.2003
Senate: Yea-100, Nay-0
House: Yea-435, Nay-0
The Legislation: 

The American Dream Downpayment Act amends the Cranston-Gonzalez National Affordable Housing Act to authorize the Secretary of Housing and Urban Development to make grants to participating jurisdictions for downpayment assistance to low-income, first-time home buyers, and revises the definition of "severely distressed public housing" to include areas lacking sufficient affordable housing, transportation, supportive services, economic opportunity, schools, civic and religious institutions, and public services.

The Middle-Class Position: 

The Middle Class Supports: Homeownership is one of the leading indicators of economic stability. However, for millions of American families, the high cost of buying a home is still out of reach for many. While homeownership was at a 30-year high in 2003, for many working Americans, particularly in communities of color, homeownership trailed the national average. This legislation will help millions of Americans clear the first hurdle to homeownership by directing $200 million per year to at least 40,000 low-income families in predominantly minority communities to help them afford a down payment or closing costs associated with buying a home, and launch them on a path to entering the middle class.

From the Experts: 

“Through their investment in the home – and therefore in the local neighborhood – homeowners appear to be overall more involved in their communities. This involvement by homeowners generates benefits for their communities in addition to the benefits for their families. These spillover benefits suggest that the neighborhood homeownership rate itself may produce positive social consequences for communities.” – Robert Dietz, The Homeownership Alliance (June 18, 2003)

Beyond this Bill: 

Affording a down payment is only one hurdle faced by Americans attempting to purchase a home. In 2003, nearly 640,000 families were in the process of home foreclosure. Legislators concerned with middle-class Americans’ ability to buy and keep their homes should oppose the Responsible Lending Act of 2003 (HR 833) currently awaiting a vote in the House and Senate, which would amend federal regulations pertaining to the credit industry, making American borrowers more susceptible to unmanageable debt and home foreclosure.

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