Posted by: Todd Long | October 4, 2008

Nehemiah Corporation of America

I got this as an email today from Nehemiah:

Homebuyers Relief Excluded from Bailout Bill

Friday, October 3, 2008 – Today, President Bush signed the Emergency Economic Stabilization Act of 2008 after the House passed the financial bailout bill. Unfortunately, a provision that included language similar to H.R. 6694 which provides for the reform of privately-funded downpayment assistance (DPA) programs was not included in this legislation.

Despite this news, Nehemiah continues to fight to have privately-funded DPA restored. We believe that DPA programs are a necessary component to the recovery of our economy and a vital option for working-class families across America to achieve homeownership. In fact, the phone calls and emails we have received in the last few days are filled with stories of how communities nationwide are already beginning to feel the economic sting of the $150 billion in annual home sales lost due to the elimination of DPA.

Nehemiah is grateful to have played a role in the effort to save DPA along with more than 150,000 housing professionals and consumer advocates who became the backbone of the grassroots campaign by making phone calls, writing letters and making personal visits to their elected officials to voice support for DPA and H.R 6694.

Nehemiah is especially proud that over the last eleven years The Nehemiah Program has provided the needed downpayment gifts that have helped more than 320,000 minority and low to moderate income families successfully realize the American dream of homeownership. In the process we have gifted over $1.5 billion in downpayment assistance! Those are accomplishments we share with all those who have supported us over the years; homebuyers, consumer advocates, community groups, housing professionals and trade organizations.

We are currently reevaluating our strategy to gain passage of H.R. 6694 as soon as possible. We will be prepared to resume the battle when Congress reconvenes. Watch for an upcoming announcement on the second phase of our grassroots campaign, DPAGroundSwell 2!


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