A new study of privately funded down-payment assistance programs finds they have become vital for helping low- to moderate-income families become homeowners. The study was conducted by the Milken Institute and sponsored by the Nehemiah Corporation of America, the nation's first privately funded down-payment assistance provider. The study examined more than 36,000 down-payment assistance families in six different cities to quantify the impact of down-payment assistance programs on individuals, cities and communities. Some of the key findings include: Over the last 12 years, home prices have risen 30 percent faster than wages and salaries for low- to moderate-income families, creating a growing "housing affordability gap." Down-payment assistance progra...
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