COMMUNITY REINVESTMENT ACCEPTANCE GROUP PARTNERS WITH
THE AMERIDREAM CHARITY ON NEW DOWN PAYMENT ASSISTANCE PROGRAM
GAITHERSBURG, MD (October 30, 2002) Community Reinvestment Acceptance Group, LLC (“CRA Group”) today announced that it has partnered with The AmeriDream Charity, Inc., the nation’s leading provider of down payment assistance to homebuyers. The first effort of the joint endeavor is the launch of the AmeriDream Advantage Program, which will enable thousands more people to become homeowners through the use of down payment assistance.
“We have enrolled three national lending institutions into the program, and they have already begun to offer the AmeriDream Advantage Program to their customers,” said Ned Perry, president and CEO of CRA Group. “CRA Group develops innovative mortgage products and secondary executions that support lenders’ affordable housing and Community Reinvestment Act lending activities. Our joining with AmeriDream allows us to leverage their expertise and resources as the leader in down payment assistance programs. Together we will help even more people achieve the dream of homeownership.”
Through the AmeriDream Advantage Program, AmeriDream gifts a homebuyer three percent of the purchase price of a home toward down payment or closing costs. This gift does not have to be repaid. CRA Group provides an efficient FHA mortgage execution for lenders, and reduces by almost half the service fee normally assumed by a homebuilder or other seller when using a down payment assistance program. The result is that the AmeriDream Advantage Program provides a broader choice of homes to buyers than standard down payment assistance programs, and helps more people who are currently renting to realize their dreams of homeownership.
“AmeriDream is pleased that, through the AmeriDream Advantage Program, low- and moderate-income individuals and families will have greater opportunities to become homeowners because the pool of homes available to them will be expanded,” said Chris Russell, CEO of The AmeriDream Charity, Inc.
Consumers, lenders, builders and real estate professionals can find more information at www.ameridream.org or www.cragroupllc.com. Lenders who would like more information about the AmeriDream S-200 Program may call (877) CRA-GROUP or (877) 272-4768.
About CRA Group: Community Reinvestment Acceptance Group provides innovative mortgage products and services to help low- and moderate-income families achieve homeownership while also supporting the Community Reinvestment Act and other affordable housing initiatives. The company’s goals are to bring to market mortgage products and services that make it easier for people to buy homes, help lenders meet their CRA requirements and promote the benefits of CRA loans to the capital markets.
About AmeriDream, Inc.: The mission of The AmeriDream, Inc., headquartered in Gaithersburg, MD, is to expand homeownership opportunities for underserved groups and promote the value of homeownership as the foundation for building strong communities and individual prosperity. A 501(c)(3) organization, The AmeriDream, 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, DC 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, Inc. has also donated more than $1.5 million to a range of community organizations, including Habitat for Humanity and the American Red Cross Disaster Relief Fund.