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AmeriDream, Inc. Accepts Individual Taxpayer Identification Numbers

GAITHERSBURG, Md. (February 8, 2005) – AmeriDream, Inc., the nation's leader in providing affordable housing opportunities, is now accepting Individual Taxpayer Identification Numbers (ITINs).

ITINs are tax processing numbers issued by the Internal Revenue Service (IRS) to individuals who do not have, or who are not eligible for, Social Security Numbers.  ITINs are issued regardless of immigration status because both resident and nonresident aliens may have U.S. tax returns and payment responsibilities under the IRS.  

According to a study prepared for the National Association of Hispanic Real Estate Professionals (NAHREP), immigration status creates major barriers to homeownership. 
The study also stated that, increasingly, lenders are accepting ITINs as a form of identification.  To meet the needs of the industry, AmeriDream will accept ITINs if a homebuyer’s loan product allows for it, and they choose to use the AmeriDream Downpayment Assistance Program. 

"We recognize that the use of ITINs can be a controversial issue," said Ann Ashburn, President and CEO. "However, there have been an increasing number of private lenders throughout the country that have begun ITIN loan and mortgage insurance programs. AmeriDream has always been committed to serving every community, and wants everyone to be able to realize the dream of homeownership. Accepting ITINs is just one more way of AmeriDream responding to the changing needs of America’s homebuyers."

AmeriDream has been at the forefront of expanding affordable housing opportunities for emerging markets.  In June of 2003, AmeriDream launched its Spanish language Website and has received over 20,000 visitors.  One month later, using its own resources, AmeriDream launched its Spanish language online home buyer education.  AmeriDream was the first down payment assistance provider to offer homebuyer education, in both English and Spanish.  To date, nearly 4,400 homebuyers have gone through the homebuyer education course.  

Every month, AmeriDream helps over 600 traditionally underserved families and individuals become homeowners, and hopes to increase this number by accepting ITINs.  The NAHREP study estimates that the purchase of homes through ITIN mortgages would translate into $44 billion in mortgage originations.

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.




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.