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AmeriDream Files For Temporary Restraining Order Against HUD Rule

Gaithersburg, MD -- AmeriDream, Inc., a leading non-profit in affordable housing, announced today that it filed a second action, against HUD, in its fight to save homeownership opportunities for low- to moderate income homebuyers. The action seeks a temporary restraining order and preliminary injunction to stop HUD from enforcing its final Rule on October 31 st that would eliminate down payment assistance (DPA) programs sponsored by non-profit organizations.

AmeriDream, in its Court filing, raised questions regarding HUD’s abrupt reversal of a decade old policy of approving and facilitating DPA programs without explaining or even acknowledging its departure from this historical acceptance, without addressing less restrictive alternatives and without producing for public comment the data and analysis that HUD used to justify issuing its rule.

"HUD’s actions reveal its rulemaking for what it really is: a desired result in search of a justification, said AmeriDream President Ann Ashburn. "We will continue to fight HUD’s arbitrary and capricious decision to eliminate valuable assistance to individuals and families who deserve to become homeowners."

In addition to AmeriDream, opposition to the HUD rule includes members of Congress, the Mortgage Bankers Association, the U.S. Conference of Mayors, the National Association of Counties, the National Urban League and others.

Copy of the motion 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.