Atlanta Real Estate Blog

Hope For Homebuyers
 
On October 1, 2008, Congress halted  seller-funded Downpayment Assistance. 
 
A new bill, H.R. 600, is before Congress to reinstate the program to help buyers who would like to buy homes, but do not have enough money to make a downpayment.  Nehemiah Corporation has been a leader in providing downpayment assistance.
 
Here is the press release:
 
 
CONGRESS INTRODUCES BILL THAT WOULD REINSTATE DOWNPAYMENT ASSISTANCE: NEHEMIAH RESPONDS

- Bill Would Broaden Opportunities for Sustainable Homeownership Without Government or Taxpayer Dollars -

Sacramento, CA, January 16, 2009 -- The following statement was issued today by Scott Syphax, president and CEO of the Nehemiah Corporation of America in response to H.R. 600, a bill introduced in Congress that would reinstate seller-funded downpayment assistance (DPA). Prior to the October 1, 2008 ban on DPA, Nehemiah was the oldest and largest provider of downpayment assistance.

"There is an overlooked solution to today's housing crisis and fortunately several members of Congress recognize the role DPA plays in getting us there. We commend Congressman Al Green [and additional members of Congress] for working tirelessly to support a bill (H.R. 600) that creates opportunities for sustainable homeownership, which serves as the cornerstone to strengthening a crumbling housing market and breathing life back into the economy. With foreclosures on the rise and banks maintaining their stranglehold on credit, DPA offers a simple solution without spending a single government or taxpayer dime according to the Congressional Budget Office. Further, it enables worthy families to take advantage of depressed home prices, therefore reducing the glut of homes on the market. We urge Congress to reach across the aisle and prioritize broadening opportunities for responsible homeownership in America by reinstating DPA."
 
Tags: seller-funded downpayment assistance, Nehemiah Corporation, H.R. 600, DPA, gift funds, new homebuyers, no money down, no downpayment.
Posted by Lee Marlin on January 17th, 2009 6:40 AMPost a Comment (0)
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