Today's DPA Casualty: A Gloomy Outlook for Home Sales’ Big Season

The New York Times - Vikas Bajaj - March 7, 2009 - The article states that this March-to-June season, when most homes are bought and sold, will be bad, perhaps the worst since the market began to spiral down in 2006. However, through H.R. 600, downpayment assistance (DPA) programs can help the stagnating housing market by generating $150 billion in home sales. According to the Waste/Fountain Economic Impact Study, DPA programs had a major beneficial impact on the economy last year, creating $38.6 billion in revenues, 235,000 jobs, and $4.6 billion in total tax revenues. (DPA Economic Impact Fact Sheet). read more articles»

Study Hails DPA's Economic Impact

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Sacramento, CA - January 29, 2009 - Down Payment Assistance (DPA), a unique economic empowerment program pioneered by Sacramento-based Nehemiah Corp. of America, had a major beneficial impact on the U.S. economy last year, generating $38.6 billion in revenues and creating 235,000 new jobs, according to a new study released today. more »

Congressional Budget Office Report: H.R. 600 Will Not Require U.S. Government Funding

Sacramento, CA - January 20, 2009 - Prior to the introduction of FHA Seller-Financed Downpayment Reform Act of 2009 (H.R. 600), the Congressional Budget Office (CBO) confirmed that H.R. 600, just as last year's DPA bill (H.R. 6694), will not require U.S. government funding. This is due largely to the self-funding mechanism that sets mortgage insurance premiums based on an individual's credit scores. more »

Congress Introduces Bill that would Reinstate Downpayment Assistance: Nehemiah Responds

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Sacramento, CA - January 19, 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. more »

On October 1st, DPA was eliminated.

A new bill, H.R. 600, has been proposed to reform DPA. To pass it, we need a groundswell of public support.