Senate Housing Bill Banning Seller-Funded Downpayment Assistance Passes, Nehemiah Corporation of America Responds

Sacramento, CA — July 11, 2008

The following statement was issued today by Scott Syphax, President and CEO of Nehemiah Corporation of America in response to the Senate’s passage of its Housing Bill that included language that would ban private downpayment assistance programs.

"We are extremely disappointed and astonished by the full Senate’s decision to ban privately-funded downpayment assistance programs through the passage of its Housing Bill. This decision turns a blind eye to the overwhelming success of these programs and their role in helping hundreds of thousands of working families become homeowners. Moreover, the Senate has trivialized the tremendous bipartisan support from members of the House, community organizations, caucus groups and families nationwide who are dependent on such programs. Increasingly, there are no other options for thousands of qualified low and moderate income homebuyers in this country today to achieve what middle class and wealthy Americans see as their birthright. Despite what the Administration and members of the Senate falsely profess, privately funded down payment assistance is not the reason that FHA is looking at a budget imbalance in the coming years. As Congress works to finalize the Housing bill in the coming weeks, we unequivocally urge members to weigh their decision closely with regard to seller-funded downpayment assistance programs overall, and to consider the lasting impact of their actions on countless American families working to reach homeownership."

- Scott Syphax, President and CEO of Nehemiah Corporation of America, the largest and oldest private down payment assistance provider.

SOURCE Nehemiah Corporation of America

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For additional information, please contact Shelley Mitchell, smitchell@nehemiahcorp.org, 916-231-1999.

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