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Statement from Ann Ashburn, President and CEO of AmeriDream, Inc.

Gaithersburg, Maryland, September 18, 2007 -- The following statement was issued today by Ann Ashburn, President and CEO of AmeriDream, Inc. in response to the passage of the Expanding American Home Ownership Act of 2007, which includes an amendment by Congressman Gary Miller supporting private downpayment assistance programs. The amendment opposes a controversial proposal by the U.S. Department of Housing and Urban Development (HUD) to ban seller-funded downpayment assistance programs.

"AmeriDream applauds members of the U.S. House of Representatives for passage today of "The Expanding American Homeownership Act of 2007" (H.R. 1852) which includes an amendment offered by Congressman Gary Miller to allow qualified down payment assistance providers (DPA) to participate in the FHA program.

Today’s amendment in support of DPA clearly demonstrates Congress’ intent to utilize nonprofit downpayment assistance programs as an effective tool to address homeownership strategies," said Ann Ashburn, AmeriDream president & CEO. "We would hope that HUD recognizes this action as a strong signal that Congress does not intend to hand over its authority to craft law to an administrative agency."

Ms. Ashburn also commended Representatives Miller and Maxine Waters for their leadership and the tremendous amount of time they committed to understanding issues related to downpayment assistance programs.

"I hope that today’s vote, coupled with the House’s version of its FY08 appropriation bill for the Departments of Transportation and HUD which also included language in support of downpayment assistance programs will move HUD to stop its efforts to eliminate the program."

CONTACT: Phil Jones, 301-987-9154 for AmeriDream, Inc.