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Tuesday, April 1, 2008
Contact: Henry Fawell
(410) 545-5830

AmeriDream Statement on Resignation of HUD Secretary Jackson

Gaithersburg, Md. – Ann Ashburn, President & CEO of AmeriDream, Inc., issued the following statement regarding the resignation of Alphonso Jackson as Secretary of the U.S. Department of Housing & Urban Development.

“It is our hope that the change in leadership at HUD ushers in a new chapter in the department’s relationship with charitable downpayment assistance providers, or DPA. We are proud of the support DPA has won on both sides of the aisle in Congress, and hope to foster an equally constructive relationship with new leadership at HUD. As Congress considers legislation to reform the Federal Housing Administration, it is absolutely vital that HUD revisit its recent position toward DPA and preserve this critical mechanism for empowering low and moderate-income individuals to own a home.”

Charitable downpayment assistance funded in part with seller participation has allowed homeownership to grow without using taxpayer dollars. To date, more than one million families and individuals have utilized this downpayment assistance, generating nearly $10 billion in home equity between 2000 and 2005. AmeriDream has provided more than 200,000 gifts to aspiring homeowners, 80% of whom were first-time homebuyers. AmeriDream has helped educate 60,000 homebuyers through homebuyer education courses, and helped 1,200 homeowners retain their homes when confronted with mortgage difficulties, and has committed over $30 million to affordable housing development in local communities.