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THE AMERIDREAM CHARITY TO BECOME AMERIDREAM, INCORPORATED
-- New Name Reflects Organization’s Diversified Focus --

Gaithersburg, MD (February 4, 2003) The nation’s largest non-profit provider of down payment assistance to low- and moderate-income homebuyers, The AmeriDream Charity, Inc., today announced it has officially changed its name to AmeriDream, Incorporated.  Founded in 1999 with the launch of The AmeriDream Downpayment Gift Program, AmeriDream has expanded to include a range of programs dedicated to the central mission of the organization: to expand homeownership opportunities for underserved groups.

“While our mission remains the same, we feel we can better reflect the diversity of the programs we offer by changing our name at this time,” said AmeriDream CEO Ann Ashburn.  “We will continue to operate the Downpayment Gift Program, which has helped more than 95,000 families nationwide become homeowners since 1999.   In addition, we are developing new programs every day, each committed to making homeownership a reality for every American.”

AmeriDream also operates The AmeriDream Redevelopment Program, which renovates and rehabilitates distressed properties and returns them to the market at prices affordable to low- and moderate-income homebuyers.  Thus far, AmeriDream has spent more than $8 million to rehabilitate properties and return them to the market at affordable prices.  With redevelopment projects currently in the Washington, DC metropolitan area and Florida, AmeriDream plans to expand its redevelopment operations across the country in the future. 

“Our longstanding commitment to charitable work in every community remains as strong as ever,” Ashburn said.   Through its Community Link Program, established in 2000, AmeriDream has given more than $1.5 million in charitable contributions to non-profit organizations across the country, including the Victims Rights Foundation, Habitat for Humanity and Children’s Hospital.  Other charitable giving includes donations to the American Red Cross Disaster Relief Fund, and the establishment of the Arab American Relief Fund in partnership with the Arab American Institute, which assisted the victims of hate crimes following the September 11th terrorist attacks.

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The mission of 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. AmeriDream, Inc. is a non-profit, publicly supported organization that is tax-exempt under Internal Revenue Code Section 501(c)(3). AmeriDream, Inc. meets the requirements for a charitable organization, as referenced in the HUD Handbook 4155.1 REV-4, CHG-1 Section 2-10 for FHA insured loans.  In addition to The AmeriDream Downpayment Gift Program, AmeriDream also operates The AmeriDream Redevelopment Program in the Washington, DC metropolitan area and Florida, and the Community Link Program nationwide. Through the Redevelopment Program, AmeriDream has spent more than $8 million to rehabilitate properties and return them to the market at affordable prices. Through Community Link, AmeriDream has donated more than $1.5 million to a range of community organizations, including Habitat for Humanity, the American Red Cross Disaster Relief Fund, and the Victims Rights Foundation.