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AMERIDREAM ANNOUNCES SUPPORT OF AMERICAN DREAM
DOWNPAYMENT ACT

Gaithersburg, MD (December 10, 2003) – AmeriDream, Inc., the nation’s largest provider of down payment gifts, applauds the House for passing S. 811, the Senate version of The American Dream Downpayment Act.

“We commend the House and Senate for their overwhelming support of this legislation and continue to work in tandem with President Bush in his efforts to increase homeownership,” said AmeriDream President & CEO, Ann Ashburn. 

The American Dream Downpayment Act allows the Department of Housing and Urban Development (HUD) to provide down payment gifts to low-income and first-time homebuyers, as well as teachers, police officers, firefighters and sanitation and maintenance employees.  Often, these citizens and others are unable to come up with the money needed for a down payment.  This legislation is designed to help them overcome that barrier and achieve the dream of homeownership.  Katherine Harris (R) of the 13th Congressional District of Florida is the lead the sponsor of the bill.

“AmeriDream has helped more than 130,000 homebuyers achieve their dream of homeownership and we wholeheartedly welcome the Administration’s efforts to increase homeownership opportunities through down payment gifts,” said Ashburn. “So many people are stuck in the cycle of renting, unable to save the large amount of money needed for a down payment. These are buyers who could be putting money into a home’s equity; all they need is a little help with that lump sum. AmeriDream is thrilled that the federal government will be taking up the charge, and we pledge our continued support to President Bush and Congresswoman Katherine Harris for their efforts to increase homeownership.”

AmeriDream, Inc. was founded in 1999 to increase affordable homeownership opportunities for low- and moderate-income individuals and families. Its signature program, The AmeriDream Downpayment Gift Program, has grown into the largest down payment assistance program in the country, providing an average of 4,000 down payment gifts each month through private funds. The down payment gifts do not have to be repaid by the buyer. 

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The mission of AmeriDream, Inc., headquartered in Gaithersburg, MD, is to expand homeownership opportunities for underserved groups and promote the value of homeownership as the foundation for building strong communities and individual prosperity. AmeriDream, Inc. is a non-profit, publicly supported organization that is tax-exempt under Internal Revenue Code Section 501(c)(3). AmeriDream, Inc. meets the requirements for a charitable organization, as referenced in the HUD Handbook 4155.1 REV-4, CHG-1 Section 2-10 for FHA insured loans.  In addition to The AmeriDream Downpayment Gift Program, AmeriDream also operates The AmeriDream Redevelopment Program in the Washington, DC metropolitan area and Florida, and the Community Link Program nationwide. Through the Redevelopment Program, AmeriDream has spent more than $8 million to rehabilitate properties and return them to the market at affordable prices. Through Community Link, AmeriDream has donated more than $1.5 million to a range of community organizations, including Habitat for Humanity, the American Red Cross Disaster Relief Fund, and the Victims Rights Foundation.