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Statement by Ann Ashburn
Ameridream, Inc. President & CEO

AmeriDream Lauds Bush Administration’s HUD Budget Proposal
Homeownership Among Minorities and Underserved Groups Still a Priority

Gaithersburg, MD -- AmeriDream, Inc., the nation’s leading provider of affordable housing opportunities, today praised the Bush Administration’s proposed fiscal year 2007 budget for the Department of Housing and Urban Development that included expanding programs to increase homeownership.

“We are glad to see that increased homeownership among minorities and underserved groups is still a goal for the Bush Administration,” said AmeriDream CEO and President Ann Ashburn. “AmeriDream applauds the
Administration’s recognition to remove the down payment barrier to homeownership as AmeriDream has successfully done over the past 7 years. Homeownership is a vital block to building stronger communities and we believe this investment in HUD is the right thing to do for neighborhoods across America.”

AmeriDream has long realized that barriers still exist for many Americans who want to become homeowners. As an industry leader and champion of downpayment assistance, AmeriDream has been an advocate for expanding
affordable housing opportunities for underserved groups that promote the value of homeownership. AmeriDream’s mission mirrors many of the priorities highlighted in the President and HUD Secretary Alphonso Jackson’s spending blueprint for HUD.

Noteworthy within the budget proposal for HUD, the Administration said is an initiative to expand the Federal Housing Administration mortgage program to would allow first-time buyers with strong credit records to finance 100 percent of the home purchase price and closing costs, essentially a zero down payment product.

In comparison, AmeriDream believes there are already several successful examples of “zero down” assistance.
Whether that assistance comes from government programs such as the President’s American Dream Initiative, from relatives or from nonprofits organization, our expertise has taught us that it is possible to craft a successful program that leaves the homeowner with lower payments and positive equity in their homes.

What matters is finding ways to give people a place that they can call home. There are many ways to balance all
programs. We look forward to joining discussions by policy makers, lenders, and consumers to these efforts that
forward the dream of a homeownership society.

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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.