AmeriDream Applauds House of Representatives for Protecting Aspiring Homeowners

GAITHERSBURG, Md., May. 08 /PRNewswire/ --

GAITHERSBURG, Md., May 8 /PRNewswire-USNewswire/ -- Ann Ashburn, President & CEO of AmeriDream, Inc., applauded the U.S. House of Representatives for voting today to preserve homebuyer access to the charitable downpayment assistance program as part of this year's housing stimulus package. More than one million families and individuals have utilized downpayment assistance to help purchase a home since 2000.

"Today's vote is a win for America's future homeowners," said Ashburn. "The House's bipartisan proposal not only ensures that qualified homebuyers will have access to established downpayment assistance providers, but also ensures that the Federal Housing Administration's solvency will not be jeopardized by downpayment assistance. As the nation's housing market continues to recover, it is critical that conferees from the House and the U.S. Senate preserve access to this vital homeownership program in their upcoming deliberations.

"AmeriDream shares Congress's deep commitment to promoting responsible homeownership," Ashburn continued. "The House's proposal will ensure that thousands of aspiring homeowners will continue to have access to the homebuyer education resources they deserve, in addition the downpayment assistance resources they need."

In its bipartisan vote today, the House preserved the ability of homebuyers who have FHA-insured loans to use seller-funded downpayment assistance from certain sources. Those sources include charities that offer a program to provide homeownership assistance to low- and moderate-income families or first-time home buyers, or any private nonprofit organization that has such a program and evidences sufficient fiscal soundness to protect the fiscal integrity of the Mutual Mortgage Insurance Fund. The House and the U.S. Senate will appoint conferees to iron out differences between the House and Senate versions of the stimulus package.

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.