Latin American Labor Leaders Back Downpayment Assistance

GAITHERSBURG, MD – AmeriDream, Inc., today announced that the Labor Council for Latin American Advancement (LCLAA) is urging Congress to reauthorize and reform downpayment assistance programs funded in part by sellers (DPA) that are critical to the housing market’s recovery. LCLAA is backing H.R. 600, bipartisan legislation to reinstate DPA and bring an estimated 300,000 qualified homebuyers back to the market while adding key safeguards that encourage long-term, responsible homeownership.

LCLAA is an affiliate of the AFL-CIO and represents the interests of 1.7 million Latino workers in the United States and Puerto Rico. A copy of the LCLAA’s letter to Senator Christopher Dodd, Chair of the Senate Banking Committee, can be found here: http://www.ameridream.org/

In its letter to Senator Dodd, LCLAA stated that H.R. 600, "will improve standards for participants in DPA programs, help stabilize the U.S. housing market at an historic time, and provide responsible homeownership opportunities for Latino families."

"On behalf of the 35,000 families and individuals who have called on Washington to reinstate DPA, I commend LCLAA for supporting H.R. 600,” said Ann Ashburn, President of AmeriDream. "H.R. 600 will help stop the downward spiral in home sales, preserve jobs that depend on the housing market, and provide sustainable homeownership opportunities for many Latino working families. Our message to Congress is clear: a vote for H.R. 600 is a vote for economic recovery."

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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