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AMERIDREAM RECEIVES VETERANS AFFAIRS DEPARTMENT'S APPROVAL FOR DOWNPAYMENT GIFT PROGRAM


WASHINGTON, DC (September 30, 2002) -- The AmeriDream Charity, Inc. announced today that the Veterans Benefits Administration has approved the use of gift funds from The AmeriDream Downpayment Gift Program in conjunction with the Department of Veterans Affairs (VA) Home Loan Guaranty Program, the administration’s home loan program for eligible veterans. Using The AmeriDream Downpayment Gift Program, qualified veterans may now receive gift funds, which can be applied toward funding fees or closing costs on VA-guaranteed home loans.

“AmeriDream is proud to be associated with the Department of Veterans Affairs,” said Christopher Russell, CEO of The AmeriDream Charity, Inc. “We’re thrilled to be able to provide qualified veteran homebuyers with the down payment assistance that can help them become homeowners.”

Since its inception in 1944, the VA Home Loan Guaranty Program has guaranteed more than 15.3 million home loans totaling over $562 billion. Many veterans returning to civilian life have missed out on the opportunity to establish a favorable credit rating, so the program aims to help these veterans become homeowners by assisting them in obtaining favorable mortgage credit. 

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The mission of The AmeriDream Charity, Inc., headquartered in Gaithersburg, Maryland, is to expand homeownership opportunities for underserved groups and to promote the value of homeownership as the foundation for building strong communities and individual prosperity. As a 501(c)(3) organization, The AmeriDream Charity, Inc. meets HUD requirements for FHA insured loans as a charitable organization. In addition to The AmeriDream Downpayment Gift Program, the Charity also operates The AmeriDream Redevelopment Program in the Washington, D.C., metropolitan area. Through the Redevelopment Program, AmeriDream has spent more than $8 million to rehabilitate properties and return them to the market at affordable prices. The AmeriDream Charity, Inc. has also donated more than $1 million to a range of community organizations, including Habitat for Humanity and the American Red Cross Disaster Relief Fund.