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GAITHERSBURG, MD (November 1, 2000) -- The AmeriDream Charity, Inc. is pleased to announce that it has pledged $1.2 million to start The AmeriDream Redevelopment Program. The Redevelopment Program is designed to purchase and renovate distressed properties and resell them, to buyers who participate in one of AmeriDream's programs.

The AmeriDream Charity's founders believe that this innovative program has several benefits: Distressed properties with little to no value will become livable, respectable homes. Property values in the neighborhoods where these renovated homes are located will rise. The community will stabilize because its residents will become more invested in the neighborhood as they see it improve. This stabilization will help decrease crime.

$1 million has been set aside for renovation in the District of Columbia, to take place over five years. The program will focus on the Capitol Hill area of Southeast, where many row houses have been abandoned and are in need of repair.

After meeting with city officials, the program pledged $250,000 to the City of Gaithersburg, Md., for future projects there.