Housing Market and Consumers to Feel the Aftermath of Seller-Funded Downpayment Assistance Ban

Nehemiah Pledges to Fight to Reinstate Programs

Sacramento, CA — July 30, 2008

The following statement was issued by Scott Syphax, president and CEO of The Nehemiah Corporation of America, the largest and oldest seller-funded downpayment assistance provider, in response to President Bush signing the housing bill into law this morning.

"As he signed the housing bill into law this morning, President Bush conceded with Congress that hard working Americans who have not been able to save a downpayment are not worthy of homeownership. We hope that Congress and President Bush wake up with a clear conscious tomorrow, knowing that millions of Americans will awake to a law that leaves them with zero alternatives for attaining homeownership. Nehemiah has fought to keep seller-funded downpayment assistance (SF-DPA) programs alive, recognizing that along with the rest of the industry, we have helped put more than one million deserving American families in homes. Recent research by Zelman & Associates reports that 10-25% of potential homebuyers will have no way of securing homeownership without SF-DPA, which will also undoubtedly have far-reaching implications for the real estate industry at large. In the wake of the Housing Bill, we at Nehemiah want to send a clear message: Nehemiah will continue to serve as a catalyst for economic empowerment and wealth creation through homeownership. We will continue to fight for the rights of potential homeowners across this country. We are willing to use every resource at our disposal to reinstate seller-funded downpayment assistance by taking the fight back to the current Administration, or taking it to the next Administration if need be."

SOURCE Nehemiah Corporation of America

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For additional information, please contact Shelley Mitchell, smitchell@nehemiahcorp.org, 916-231-1999.

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