On December 16, 2003, President George W. Bush signed into law the American Dream Downpayment Initiative,[1] which was aimed at helping approximately "40,000 families a year"[2] with their down payment and closing costs, 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.[2] In this speech the President outlined the partnerships needed to make homeownership a reality for millions more Americans by the end of the decade.