Bipartisan legislation would reauthorize downpayment assistance
GAITHERSBURG, MD – Ann Ashburn, President of AmeriDream, Inc., said today that legislation in Congress to save a vital downpayment assistance program is scheduled for a markup in a key committee in the House of Representatives next week. H.R. 6694 will be considered by the House Financial Services Committee, chaired by U.S. Rep Barney Frank (MA-4), on Tuesday, September 16 th, 2008.
H.R. 6694 would re-authorize and reform the downpayment assistance program funded in part by sellers. The Bush Administration banned the program in July after it helped more than one million low and moderate income families and individuals buy their own homes since 2000. Information on H.R. 6694 can be found at http://www.supporthomeownership.com/
“Support for H.R. 6694 in Congress is gaining steam,” said Ashburn. “This is encouraging news, and the credit goes to the 32,000 Americans who called on leaders in Washington to protect downpayment assistance. However, our work is far from over. I encourage the public to contact their representatives in both the House and the U.S. Senate and tell them that a vote for H.R. 6694 is a vote for the next generation of homeowners.”
H.R. 6694, sponsored by Congressman Al Green (TX-9), would reinstate FHA seller downpayment assistance for persons with certain credit scores. H.R. 6694 is co-sponsored by U.S. Reps. Maxine Waters (CA-35), Gary Miller (CA-42), and Christopher Shays (CT-4).