GAITHERSBURG , MD – Ann Ashburn, President of AmeriDream, Inc., today applauded the thousands of individuals nationwide who in the last month have publicly opposed the U.S. Department of Housing & Urban Development’s proposal to ban downpayment assistance funded in part by sellers. Those programs, operated by charitable organizations in accordance with current law and HUD guidelines, have helped more than one million low and moderate income families and individuals buy their own homes since 2000.
HUD proposed regulations in June that would eliminate the program, despite having two federal courts invalidate the same plan in 2007. More than 14,000 families and individuals registered their support for downpayment assistance during HUD’s comment period last year. AmeriDream encourages families and individuals to voice their support for downpayment assistance today before HUD eliminates this vital program for low and middle-income aspiring homeowners.
Highlights from this year’s comments are below. A list of these comments and more can be found here: http://www.regulations.gov/fdmspublic/component/main?main=DocketDetail&d=HUD-2007-0065
BACKGROUND: Charitable downpayment assistance funded in part with seller participation has allowed homeownership to grow without using taxpayer dollars. To date, more than one million families and individuals have utilized this downpayment assistance, generating nearly $10 billion in home equity for those families between 2000 and 2005. AmeriDream has provided more than 200,000 gifts to aspiring homeowners, approximately 80% of whom were first-time homebuyers. AmeriDream also has helped educate 60,000 homebuyers through homebuyer education courses, helped 1,200 homeowners retain their homes when confronted with mortgage difficulties, and committed over $30 million to affordable housing development in local communities.