AmeriDream responds to President Obama’s jobs speech

Ashburn calls vote for H.R. 600 a vote for job creation

GAITHERSBURG, MD – Ann Ashburn, president of AmeriDream, Inc., this week applauded President Obama for his commitment to job creation and encouraged the president and Congress to act on H.R. 600, bipartisan legislation that meets the president's goal of boosting jobs in the short and long term.

"We commend President Obama and Congress for recognizing the acute need to create lasting jobs here at home," said Ashburn. "To that end, having creditworthy people buy homes is vitally important to the long-term stability of our economy and is a proven job creator in construction, retail, technology, 'mom and pop' shops, and the realtor industry, all of which have experienced devastating job losses in recent years."

"Congress has an opportunity to encourage homeownership and job creation by enacting H.R. 600. This bipartisan legislation uses private dollars to help high-quality homebuyers with the down payment needed to a purchase a home with a fixed rate, 30-year FHA loan. It is estimated that such a program can create 235,000 jobs, while protecting both the homebuyer and the taxpayer by adding key safeguards and credit requirements. A vote for the H.R. 600 is a vote for job creation."

H.R. 600, sponsored by Rep. Al Green (TX-09) would encourage sustainable homeownership by making non-profit downpayment assistance an allowable gift source for creditworthy borrowers of fixed, 30-year Federal Housing Administration loans. A broad coalition of organizations support down payment assistance, including the National Association of Homebuilders, the U.S. Conference of Mayors, the Congressional Black Caucus, the Congressional Hispanic Caucus, and the Labor Council for Latin American Advancement.

BACKGROUND: AmeriDream, a 501(c)(3) charity, was established in 1999 to provide housing-related programs to low and moderate income individuals and families. AmeriDream provides a wide range of programs, including homebuyer education, loss mitigation counseling, community development, and privately-funded down payment assistance. These programs are provided at no cost to the taxpayer. AmeriDream not only seeks to help families purchase homes, but also provide them with the education and other resources needed to be responsible homeowners.

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