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AMERIDREAM, INC. FORMS PARTNERSHIP WITH NEW MEXICO FEDERATION OF EDUCATIONAL EMPLOYEES TO HELP TEACHERS AND EDUCATIONAL EMPLOYEES BECOME HOMEOWNERS

GAITHERSBURG, Md. – (July 29, 2004) – AmeriDream, Inc., the nation’s leading provider of affordable housing opportunities and the New Mexico Federation of Educational Employees (NMFEE) today announced they have partnered to help teachers, educational employees and their families realize the dream of homeownership through AmeriDream’s homebuying services: down payment assistance, DreamKeeper mortgage payment relief, homebuyer education and home retention/loss mitigation.

“The dream of homeownership can be elusive for individuals in educational fields, so we are thrilled to have the opportunity to assist the people who affect our children’s lives each and every day,” said Ann Ashburn, president and CEO of AmeriDream. “These are our community’s servicers and many times they cannot afford to live in the communities where they work. So, it’s through partnerships like these that AmeriDream hopes to make a significant difference in the lives of the teachers and educational employees, as well as their families.”

Through the program, gifts of up to 10 percent of the purchase price of a home will be available to NMFEE members for down payment or closing costs. These gifts do not have to be repaid. NMFEE members will also have access to AmeriDream’s DreamKeeper Program, which offers a down payment gift and five years of mortgage payment protection.

Additionally, homeownership counseling, which addresses the responsibilities of owning a home, financial planning and budgeting, will be provided through AmeriDream’s online homebuyer education course. AmeriDream’s loss mitigation counseling will also be available to NMFEE members who find themselves in financial difficulty and are concerned about losing their homes to foreclosure.  

“AmeriDream’s program was by far one of the easiest programs I have ever seen. I had reservations at first because I thought it would be a lot of paperwork, but it was not.  Everybody was so helpful, it expedited our transaction,” said Andy Lotrich, field representative for NMFEE. “I would not have known about AmeriDream if not for their partnership with NMFEE and their willingness to get information into the hands of NMFEE employees. I would highly recommend AmeriDream for any educational employee thinking of purchasing a home.  I was 100 percent satisfied with the results and my wife is 100 percent satisfied with our new home.”
 
All across the United States, individuals serve and work in communities that they cannot afford to live in. If your organization is interested in partnering with AmeriDream, or if you would like your organization to offer AmeriDream’s affordable homebuying services, please contact Angel Surratt at 1-866-AMERIDREAM.
 
AmeriDream operates several programs in support of its mission of providing affordable homeownership opportunities to those who otherwise would not have been able to purchase a home.  In addition to down payment assistance, DreamKeeper mortgage payment relief, online homebuyer education courses and loss mitigation, The AmeriDream Redevelopment Program builds new, affordable homes and renovates existing properties, placing these properties on the market at prices that accommodate predominantly very low- to low-income homebuyers.  Additionally, AmeriDream’s Community Link Program has donated over $2 million to numerous worthwhile charitable organizations. 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 and DreamKeeper mortgage payment relief, 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 $2 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.