Congress Introduces Bill that would Reinstate Down payment Assistance: Nehemiah Responds

Sacramento, CA - January 19, 2009
By: Nehemiah Corporation of America

The following statement was issued today by Scott 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 down payment assistance (DPA). Prior to the October 1, 2008 ban on DPA, Nehemiah was the oldest and largest provider of down payment assistance.

"With foreclosures on the rise and banks maintaining their stranglehold on credit, we commend Congressman Al Green for recognizing the important role down payment assistance can play in the markets recovery. Through H.R. 600, DPA offers a simple solution that can empower thousands of worthy families to take advantage of depressed home prices therefore reducing the glut of homes on the market. Further, it does so without spending a single government or taxpayer dime according to the Congressional Budget Office. Creating opportunities for sustainable homeownership will be a cornerstone to strengthening a crumbling housing market and breathing life back into the economy. As the Obama Administration takes the reins tomorrow, we call on Congress to reach across the aisle and prioritize broadening opportunities for responsible homeownership in America by reinstating DPA."