"A Home of Your Own"

President George W. Bush passed the American Dream Downpayment Initiative on December 16, 2003. This law was meant to help families achieve homeownership and boost the American housing market. More specifically, the law aimed to help around 40,000 families a year with their down payment and closing costs, as they bought their home.

Mentions of the development of this law are seen throughout Bush's second term. For example, during his speech at the Department of Housing and Urban Development on June 18, 2002, claims of an aggressive house agenda were made. To some extent, this law was the president's way of following through on this promise and delivering what he advertised.

However, this program was discontinued in 2008 because it was ineffective and actually led to larger issues developing within the economy. Despite this unsuccessful attempt, there are laws today that were created for the same purpose. An example of this is the FHA's ability to offer a low down payment on their home loans.