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AmeriDream Redevelopment Sells Out Phase I of Lehigh Acres

GAITHERSBURG, Md. (March 14, 2005) – With a major concern of the housing industry being the lack of affordable housing, it is imperative that housing organizations take steps to remedy this problem.  Industry professionals nationwide need to take affordable housing into consideration when starting new projects.  AmeriDream®, Inc., the nation’s leader in providing affordable housing opportunities, does recognize the problem and works to fix it. 

Through AmeriDream’s Redevelopment Program, numerous lots in Lehigh Acres, Florida have been purchased for the development of affordable housing.  AmeriDream’s first ten homes of the project were recently completed and sold to low- to moderate-income homebuyers.

“AmeriDream recognized the need for affordable housing, and through this project in Lehigh Acres, was able to provide homes for underserved homebuyers,” said Robert Newman, Executive Vice President and COO.  “Through all of our programs, down payment assistance, homebuyer education, and redevelopment, AmeriDream is able to help buyers overcome obstacles to homeownership.”  

AmeriDream’s Redevelopment Program is involved in several affordable housing projects.  In addition to the first ten homes of Lehigh Acres, AmeriDream has begun its second phase of affordable homes in that area.  On top of Lehigh Acres, AmeriDream’s Redevelopment Program is also working on a project in Washington, D.C., rehabilitating and rebuilding 106 units of affordable housing.   

AmeriDream offers several programs in support of its mission of expanding affordable housing opportunities for underserved groups.  Since inception, AmeriDream has helped more than 150,000 families and individuals realize the dream of homeownership.  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.