I received an update email from the Nehemiah Outreach department on Friday regarding a new bill being introduced by Rep. Al Greed (D-TX) that would revise H.R. 6694 and restore seller-funded down payment assistance.
Here is the email:
DPAGroundSwell2 was launched today to coincide with the introduction of H.R. 600, FHA Seller-Financed Downpayment Reform Act of 2009, by Representative Al Green (D-TX). H.R. 600 is the 2009 version of last year’s bill (H.R. 6694) that would restore seller-funded downpayment assistance (DPA).
Reformed DPA will help stimulate the housing market by providing working-class Americans with a path to homeownership and generate $150 billion in home sales this year. Purchasing a home now puts homebuyers in a position to build equity as markets recover.
If you are eager to learn about our DPAGroundSwell2 campaign, plan to attend our first virtual town hall of 2009 targeted for late next week. Look for our email invitation on Tuesday!
CONGRESS INTRODUCES BILL THAT WOULD REINSTATE DOWNPAYMENT ASSISTANCE: NEHEMIAH RESPONDS
– Bill Would Broaden Opportunities for Sustainable Homeownership Without Government or Taxpayer Dollars –
Sacramento, CA, January 16, 2009 — The following statement was issued today by [Broadview] Syphax, president and CEO of the Nehemiah Corporation of America in response to H.R. 600, a bill introduced in Congress that would reinstate seller-funded downpayment assistance (DPA). Prior to the October 1, 2008 ban on DPA, Nehemiah was the oldest and largest provider of downpayment assistance.
“There is an overlooked solution to today’s housing crisis and fortunately several members of Congress recognize the role DPA plays in getting us there. We commend Congressman Al Green [and additional members of Congress] for working tirelessly to support a bill (H.R. 600) that creates opportunities for sustainable homeownership, which serves as the cornerstone to strengthening a crumbling housing market and breathing life back into the economy. With foreclosures on the rise and banks maintaining their stranglehold on credit, DPA offers a simple solution without spending a single government or taxpayer dime according to the Congressional Budget Office. Further, it enables worthy families to take advantage of depressed home prices, therefore reducing the glut of homes on the market. We urge Congress to reach across the aisle and prioritize broadening opportunities for responsible homeownership in America by reinstating DPA.”
Here are two sites that are tracking this bill – there is nothing posted as of yet, but stay tuned for more information as this gains steam.