Nehemiah
Corporation Statement On President
Bush's Signing of the American
Dream Downpayment Act
SACRAMENTO,
Calif.--(BUSINESS WIRE)--Dec.
16, 2003--This afternoon at
a bill-signing ceremony at
the Department of Housing
and Urban Development, President
George W. Bush signed into
law the American Dream Downpayment
Act. The act creates a federal
'gift fund' that will provide
$200 million in grants to
more than 40,000 low-income
families annually to low income
and minority families looking
to become homeowners. The
federal gift is designed to
be used to cover down payments
and closing costs.
“In 1997,
the Nehemiah Corporation created
the downpayment assistance
industry. Since that time,
Nehemiah has helped nearly
200,000 families nationwide
achieve the dream of homeownership
by ‘gifting’ to
them more than $600 million.
These gifts have resulted
in the purchase of over $22
billion worth of homes in
all 50 states. While we have
never taken a nickel of taxpayer
support, we are thrilled that
the Bush administration has
taken up the torch and is
actively joining us in helping
as many deserving families
become homeowners as possible,” said
Scott Syphax, president and
CEO of the Nehemiah Corporation
of California. “Nehemiah
has always maintained that
becoming a homeowner should
not be determined by the luck
of birth. Rather, it should
be determined by a family’s
ability to support a mortgage,
pay their debts and be solid,
active participants in their
communities. The American
Dream Downpayment Act will
help tens of thousands of
families achieve their dreams
and we wholeheartedly support
this piece of groundbreaking
legislation.”
“In my
time with Nehemiah, I have
seen too many families struggle
too hard to achieve what should
be a birthright: owning your
own home. Homeownership is
vital to creating, sustaining
and extending personal and
family wealth and revitalizing
our nation’s cities
and local communities. But
the lack of affordable housing
in this country is so severe
that it is threatening the
health and welfare of millions
of Americans nationwide. Right
now approximately 5.4 million
households in the US face ‘worst
case’ housing needs,
living in severely inadequate
housing or paying more than
1/2 their income for housing — the
most ever. This means 5.4
million families are living
on the edge, only one paycheck
away from homelessness. We
have made important strides
in establishing truly affordable
housing, but we must do more,” Syphax
added.
“During
this holiday time of giving
and support, it is important
to recognize and salute the
gains made today, but it is
just as important to remember
that there are still millions
more people who could use
help in achieving their dream
of homeownership. The Nehemiah
Corporation is proud to support
the President and Congress
in their pursuit of helping
more Americans obtain a piece
of the American Dream - this
is an encouraging step forward,
but more is still needed.”
About
Nehemiah Corporation of
America
Founded in
1994, Nehemiah
Corporation of California is
a Sacramento-based nonprofit
organization committed
to empowering lives and enriching
communities nationwide. Nehemiah
transforms lives by increasing
homeownership
opportunities
for diverse populations, while
maintaining its commitment
to successful,
responsible homeownership.
Nehemiah transforms communities
by expanding its faith-based,
charitable and community development
initiatives
into underserved neighborhoods
across America. In 1997, Nehemiah
launched its flagship program,
The
Nehemiah Program®,
to provide down payment assistance
to homebuyers. To date, Nehemiah
has provided
more than $600 million in
down payment assistance gifts,
resulting in $20 billion
in real estate transactions
and has helped over 165,000
families
and individuals achieve their
dream of homeownership. Committed
to comprehensive community
reinvestment, Nehemiah has
fostered partnerships with
Habitat for Humanity, HomeAid
America and the US
Conference of Mayors. In addition
to providing down payment
gift assistance,
Nehemiah has created other
programs that work to enrich
communities
including: Nehemiah
Community Reinvestment Fund™, Nehemiah
Community Foundation™ and Nehemiah
Urban Ministries™.
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