September 6, 2008
Down Payment Assistance
May Not Be Dead!
Congress introduced bipartisan legislation, H.R. 6694 that would reauthorize and reform charitable downpayment assistance. This bill would remedy a harmful provision in the new housing law which limits homeownership opportunities for low and middle-income Americans.
The legislation, sponsored by U.S. Reps. Al Green (D-TX), Gary Miller (R-CA), Maxine Waters (D-CA), and Christopher Shays (R-CT) reauthorizes and reforms charitable downpayment assistance funded in part by sellers, which has helped over one million families and individuals become homeowners since 1999. The program was eliminated by legislation signed by President Bush on July 30, 2008.
When called upon to respond to industry threats do you know who to call, email and send letters?
All that is required is enter your zip code and the contact information for all your state and federal elected officials will instantly be available. Save the link as one of your browser favorites so they will be always available when you need them to hear your voice.
The current issue that needs your voice is pending legislation to reinstate the Down Payment Assistance (DPA) programs.
The proposed legislation, HR 6694 is waiting committee assignment. It could languish forever in committee unless you make your views known. The new bill is a thoughtful response to an important issue. It protects FHA with strengthened underwriting guidelines for 100% financing and, at the same time, does not choke funding for first time buyers.
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