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AMERIDREAM, INC. APPLAUDS HUD SECRETARY ALPHONSO JACKSON’S CONFIRMATION

Gaithersburg, MD (April 1, 2004) -- AmeriDream, Inc., the nation’s leading nonprofit provider of affordable housing opportunities, today announced its support for the Senate’s confirmation of Alphonso Jackson as the secretary of the Department of Housing and Urban Development (HUD). 

Jackson served as HUD’s deputy secretary until December when he took over the role of acting HUD secretary following former Secretary Mel Martinez’s resignation from the position. 

“As a nonprofit committed to increasing homeownership, AmeriDream looks forward to working with the administration and Alphonso Jackson toward implementing the spirit of The American Dream Downpayment Act and HR 3755 – the Zero Downpayment Act of 2004,” said Ann Ashburn, president and CEO of AmeriDream, Inc. “We believe that through a public/private partnership, AmeriDream’s vast experience with down payment assistance to first-time homebuyers will accelerate the president’s goal of creating 5.5 million new minority homeowners by the end of the decade.”

AmeriDream operates several programs in support of its mission of providing affordable homeownership opportunities to those who otherwise would not be able to purchase a home: AmeriDream’s Downpayment Gift Program provides eligible buyers with up to 10 percent of the purchase price of a home for a down payment or for closing costs.  Additionally, The AmeriDream Redevelopment Program builds new, affordable homes and renovates existing properties, placing these properties on the market at prices that accommodate low- to moderate-income homebuyers. AmeriDream also operates an online homebuying course (located at www.ameridream.org) to educate potential homebuyers about the homebuying process and the responsibilities of owning a home. AmeriDream Solutions, Inc., AmeriDream’s home retention program, provides guidance to homeowners who experience financial difficulties by working with them and their mortgage companies to make sure all alternatives are examined in an effort to prevent foreclosure. For more information, visit www.ameridream.org.

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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 $11 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, the Victims Rights Foundation and the Hatteras Island Rebuilding Fund.