Non-Profit Downpayment Assistance Programs in Jeopardy!

Privately funded downpayment assistance programs like The Nehemiah Program have helped over 600,000 families become homeowners and have also helped to stabilize neighborhoods, cities and families.

Now, the Department of Housing and Urban Development (HUD) has re-issued a proposed rule which would threaten low to moderate income families' access to downpayment assistance by eliminating all private downpayment assistance programs!

Help preserve private downpayment assistance programs for families who are credit-worthy, but lack the savings necessary to fulfill their homeownership goals.

Note: A copy of your letter to HUD will be delivered to nearly 20 Congresspersons. The following paragraph will be added to the copy:

"The proposed HUD rule would have a negative impact on our already struggling housing market. Please allow downpayment assistance with new regulations that protect both the homebuyer and the FHA insurance fund by establishing some combination of minimum FICO scores, maximum gift percent, minimum LTV or minimum debt-to-income ratio."

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Dear [Decision maker],

Downpayment assistance is a key element in helping more than one million families across the country become homeowners. Research indicates that home equity is the single largest source of wealth for most Americans.

I oppose the proposed HUD Rule and suggest regulating private downpayment assistance programs in order to increase their effectiveness. Helping people become homeowners adds to the tax base, improves communities, allows children to attend better schools and helps people gain wealth through the equity in their home.

[You comments here]

Downpayment assistance provides an opportunity for borrowers who can afford a mortgage payment but don't have the downpayment to get the process started.

[Message to Congress here]

Thank you for doing what is right for families across America.
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