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AmeriDream Granted Extension

Gaithersburg, MD – At the request of AmeriDream, HUD has voluntarily agreed today that the HUD rule banning seller-funded down payment assistance will not be effective with respect to AmeriDream until February 29, 2008. HUD will recognize all applications that have a signed sales contract prior to the effective date, according to its Congressional testimony.

This agreement applies only to AmeriDream, a leading non-profit in affordable housing. AmeriDream will be able to fund gift applications received until February 29, 2008, and will be only one of two entities that may offer seller-funded down payment assistance after October 31, 2007.

This agreement will facilitate litigation on an orderly schedule and provide the Court with ample time to consider the merits of this important dispute. “We are pleased to reach an amicable agreement with HUD in our common mission to serve low-and moderate-income homebuyers,” said AmeriDream President, Ann Ashburn.

As the Gold standard for down-payment assistance, AmeriDream has led this legal fight. In its Court filing, AmeriDream asserts HUD’s regulation violates the Administrative Procedures Act, violates the equal protection component of the due process clause of the Fifth Amendment, and that HUD improperly prejudiced the outcome of the rulemaking proceeding.

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Copy of the Stipulation and Order is available at: www.ameridream.org/about/hudruleinfo

About AmeriDream

AmeriDream, Inc. is a 501(c)(3), publicly supported non-profit organization founded in 1999.  AmeriDream is one of the first nonprofit organizations to pioneer providing down payment assistance to low-and-moderate income individuals and families to help them become homeowners.  AmeriDream also provides free homebuyer education and loss mitigation programs that help families keep their homes and prevent foreclosure.  These programs have helped thousands of individuals and families become successful homeowners.  To learn more about AmeriDream, please go to www.ameridream.org.