GAITHERSBURG , MD – Ann Ashburn, President of AmeriDream, Inc., today praised the Labor Council for Latin American Advancement (LCLAA) for urging Congress to preserve downpayment assistance funded in part by sellers as part of the housing stimulus package. LCLAA is an affiliate of the AFL-CIO and represents the interests of 1.7 million Latino workers in the United States and Puerto Rico. A copy of the LCLAA’s statement can be found here: http://supporthomeownership.com/News
LCLAA states in part, “Should Congress eliminate [downpayment assistance], thousands of Latino working families may never be able to become homeowners. This forces a good number of Latino families to either rent or resort to predatory sub ‐ prime financing that has proven to be devastating for minority borrowers. Homeownership for Latinos is close to 30 percentage points below that of Whites. If DPAs are eliminated that alone would exacerbate economic disparities in our nation.”
“On behalf of every American family and individual that aspires to homeownership, I commend the LCLAA for its leadership in this critical homeownership debate,” said Ann Ashburn. “LCLAA recognizes that congressional efforts to eliminate downpayment assistance will only stifle the economic advancement of Latino families. LCLAA joins a rapidly growing list of supporters for downpayment assistance, ranging from members of Congress and mayors on both sides of the aisle to homebuilders, real estate professionals, and families and individuals across the nation. By visiting http://www.supporthomeownership.com every aspiring homeowner can tell Congress and the Bush Administration to regulate – not eliminate – downpayment assistance.”
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.