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AMERIDREAM TO ASSIST BUYERS STRANDED BY FEDERAL ACTION AGAINST COMPETITOR
Nonprofit Will Honor OWN Program’s Down Payment Gift Obligations


Gaithersburg, MD (July 25, 2003) – AmeriDream, Inc., the nation’s leading down payment assistance provider, announced today it will help hundreds of families potentially left at the closing table without funds since the U.S. Department of Housing and Urban Development (HUD) placed the OWN Program on its Limited Denials of Participation List. AmeriDream will honor all pending OWN Program transactions that are signed before July 25, 2003.

According to a HUD Memorandum, this means that OWN is excluded from “further participation in a HUD program area,” and lenders can no longer accept the OWN Program down payment assistance on its loans. Families that had counted on funds from the OWN Program could lose their down payment and closing cost help without AmeriDream’s assistance.

“We do not want these families to lose the opportunity to purchase homes because of circumstances beyond their control,” said AmeriDream CEO & President Ann Ashburn. “Because of our commitment to homeownership, we consider it our privilege to help these families.”

For more information and details on how AmeriDream will help former OWN Program participants, contact AmeriDream’s customer service department at 1-866-AMERIDREAM (263-7437).


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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.