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AmeriDream Receives $13 Million to Fund Woodson Heights Project

GAITHERSBURG, Md. (April 4, 2005) – AmeriDream, Inc., the nation’s leader in providing affordable housing opportunities, is pleased to announce Provident Bank has agreed to provide a $13 million construction loan toward the development of AmeriDream’s Woodson Heights redevelopment project.

Provident Bank’s loan will be borrowed as needed to fund both the hard and soft costs of the Woodson Heights project, a community in Southeast Washington, D.C.  This affordable housing project will renovate a full city block, producing 30 condominiums and 76 flats and town homes.  The units, ranging in size from one to four bedrooms, will go on the market with prices affordable for families and individuals earning 80% or less of D.C.’s median income level.   

“We are grateful to Provident Bank for helping AmeriDream with the Woodson Heights redevelopment,” said Carol Parker-Perez, AmeriDream CFO.  “Provident’s loan will help with all aspects of the development and will help to ensure affordability of the Woodson Heights homes.”

In addition to rehabilitating the block of homes, AmeriDream has also partnered with J.C. Nalle Elementary School, located across the street from the new project.   Students at the school participated in a contest to rename the site  ‘Woodson Heights’, in honor of  Ruth Woodson, the first principal of Nalle; Carter Woodson, known as the father of black history; and H.D. Woodson, one of the nation’s first recognized African American engineers.  Nalle Elementary is also providing the venue for AmeriDream to offer a series of homebuyer education courses for prospective owners of the Woodson Heights homes.

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.