Nehemiah Corporation of America Responds to Re-Submission of HUD Rule Banning Private Downpayment Assistance

Sacramento, CA — June 9, 2008

The following statement was made in response to HUD’s resubmission of a rule banning private downpayment assistance.

"It is astonishing that HUD has the temerity to resubmit its rule banning private down payment assistance, given that two district courts have thrown out the rule, downpayment assistance has received extremely strong bipartisan support in Congress and has been championed by a number of significant and influential consumer and policy groups including the US Conference of Mayors, National Urban League and Congressional Hispanic Caucus. It is clear that the priorities of Commissioner Montgomery do not lie with low to middle income families to whom he is sworn to serve.

At this time, it is critical that the consumer groups, policy makers, government and elected officials, real estate industry and those who serve first time homebuyers in this country stand up and fight this rule that will do serious damage to a particularly vulnerable group with little political capital at this crucial time.

Programs like Nehemiah’s are putting people in homes, generating wealth and strengthening communities. The government can not and should not be in the business of restricting access to homeownership. Montgomery’s proposed rule would shut down an enormously successful program and slam the door on hundreds of thousands of families and their opportunity for homeownership in this environment. Nehemiah and other supporters of downpayment assistance have fought and will continue to fight on behalf of those who are capable and deserving of becoming homeowners. We will not watch Commissioner Montgomery or HUD sever the only lifeline available to the low to moderate income families."

- Scott Syphax, President and CEO of Nehemiah Corporation of America, the largest and oldest private down payment assistance provider.

To date, privately-funded down payment assistance programs have helped over 600,000 families become homeowners, and have been credited not only for helping people buy homes, but also stabilizing neighborhoods and cities and creating stronger families.

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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