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For Immediate Release: January 28, 2009 CONTACT: Henry Fawell (410) 545-5830

Dear Mr. President

AmeriDream pens open letter to President Obama on solutions to housing crisis

GAITHERSBURG , MD - AmeriDream, Inc., the nation's leader in affordable housing services, released an open letter this week to President Barack Obama outlining key proposals to stabilize the U.S. housing market.

At a time when most are proposing solutions to stimulate the housing market and economy that cost the taxpayer money, AmeriDream is supporting no cost bipartisan legislation in Congress (H.R. 600) to reauthorize and reform downpayment assistance programs funded in part by sellers, also known as DPA, which expired under federal law last year. The letter also advocates for a renewed commitment to homebuyer education initiatives.

A soon to be released study by Dr. Robert Fountain at California State University, finds that DPA was responsible for creating 235,000 jobs over the past decade and during the twelve months preceding the elimination of DPA helped generate $4.6 billion in local and state tax revenue. Similar findings were released 2 years ago in a study by George Mason University's Center for Regional Analysis.

"We congratulate President Obama on his historic inauguration last week," said Ann Ashburn, President of AmeriDream. "To borrow a phrase from his address, it is time that Americans pick themselves up, dust themselves off and get back to making responsible and sustainable homeownership a national priority. We look forward to working with the Obama Administration and Congress to reach that important goal."

The letter recognizes the vast amount of people who have moved past stale arguments and support the reauthorization of DPA including: the Congressional Black Caucus, the Congressional Hispanic Caucus, the National Association of Realtors, The National Association of Mortgage Brokers, the US Conference of Mayors, the National Association of Home Builders, an affiliate of the AFL-CIO - the Labor Council for Latin American Advancement, the National Association of Counties, many other state and local organizations and hundreds of thousands of other Americans who have voiced their support to their elected officials.

To read the letter in its entirety, or to learn how to support H.R. 600, visit http://www.ameridream.org/SupportUs/HR600/.

BACKGROUND: AmeriDream, a 501(c)(3) charity, was established in 1999 to provide housing-related programs to low and moderate income individuals and families. Many recipients are first-time homebuyers, minorities, legal immigrants, women headed households, and single-parents, achieve homeownership. 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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