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AmeriDream Chosen as Part of Development Team

GAITHERSBURG, MD. (April 12, 2005) – AmeriDream, Inc., the nation’s leader in providing affordable housing opportunities, along with Jair Lynch Companies, Manna, Inc, the Gilford Corporation and Sorg and Associates Architecture have been chosen as the development team for an affordable housing project in Washington, D.C.

The development team, Gateway 34, was chosen by the board of directors of the RLA Revitalization Corporation (RLARC), a division of the National Capital Revitalization Corporation.   

Gateway 34 will be developing a 16,000 square foot affordable housing project, located in the Columbia Heights neighborhood of D.C.  The development will include 48 residential condominiums at prices affordable to low- to moderate-income homebuyers.  In addition, the complex will include two local retailers as well as a café. 

“This is a great opportunity for AmeriDream to make a difference in our local community.  By contributing to this project, AmeriDream is ensuring the affordability of the condominiums,” said Robert Newman, Executive Vice President and COO. “AmeriDream is continually striving to create homeownership opportunities for underserved groups.  Being part of this project is just one more way AmeriDream is doing things right for America’s homebuyers.”

AmeriDream offers several programs in support of its mission of expanding affordable housing opportunities for underserved groups.  Since inception, AmeriDream has helped more than 300,000 families and individuals buy and sell homes.  AmeriDream’s Downpayment Assistance Program gifts 3-10% of the sales price of the home for a down payment or closing costs; the gift never has to be repaid.  DreamKeeper Mortgage Payment Relief Program offers homebuyers protection against involuntary unemployment and disability for up to five years after the purchase of their new home.  Additionally, AmeriDream’s online Homebuyer Education Course is offered in both English and Spanish, and is free to users.  The Home Retention/Loss Mitigation Program works with homeowners to make sure all available alternatives to foreclosure are evaluated.  And, the AmeriDream Redevelopment Program builds new, affordable homes and renovates existing properties, placing these properties on the market at prices that accommodate low-income homebuyers.  AmeriDream’s FreshStart Program provides one down payment a month to a family in need and does not require seller participation. Finally, AmeriDream’s Community Link Program has donated over $2 million to numerous worthwhile charitable organizations. AmeriDream works to help families and individuals overcome the obstacles to homeownership.  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.