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AmeriDream Awarded $8 Million for Affordable Housing

Gaithersburg, MD -- AmeriDream, a nonprofit leader and champion of down payment assistance, has been awarded $8 million by the District of Columbia toward the development of a $30 million affordable housing project. The Woodson Heights development will be a catalyst for change to help transform a blighted neighborhood in Southeast Washington, DC into a healthy community that will allow its residents to have a good place to call home and raise families.

"This partnership is the result of a three-year effort to pursue broad based fundraising toward affordable housing opportunities," said Ann Ashburn, AmeriDream president and CEO. "This partnership with the District of Columbia demonstrates the possibilities of government, communities, and non profits working together in a public-private partnership."

A key element of the housing development is AmeriDream’s commitment to ensure that there will be affordable housing opportunities for the neighborhood’s current and future residents. The 106-unit development that encompasses an entire city block will replace nine abandoned buildings and will complete its first phase in summer 2007.

"Safe and decent housing is something that we all deserve. Connect that with the benefits of homeownership and you have the key ingredients to building stronger communities," said Robert Newman, AmeriDream EVP & COO.

The Woodson Heights development is located in the neighborhood formerly known as Amber Overlook. The new development was named with the help of students who currently live in the neighborhood and attend JC Nalle Elementary School. The name was chosen to honor Ruth Woodson, the school’s first principal; Carter G. Woodson, the father of black history; and H.D. Woodson, one of the first professionally acknowledged African American engineers in the United States.

"We would like to thank Mayor Anthony Williams, Deputy Mayor Stan Jackson, the Department of Housing and Community Development, HUD, and the community for their confidence in AmeriDream," Newman concluded.

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About AmeriDream
AmeriDream, Inc., is a non-profit 501(c)(3), publicly supported organization founded in 1999. AmeriDream is one of the first organizations to pioneer providing down payment assistance to low-and moderate-income individuals and families to become homeowners. Through AmeriDream’s Downpayment Assistance Program, the organization has helped over 300,000 people buy and sell their homes. These homeowners have generated over $20 billion in real estate sales. To learn more about AmeriDream please go to www.ameridream.org.