A bill that would ensure that down payment assistance doesn’t disappear in October has passed the House Financial Services Committee and could be voted on by the entire House in the next few weeks.
The bill, which was introduced by Congressmen Al Green (D-Texas) and is supported by several others, would ensure that down payment assistance stays in place for potential homebuyers.
Currently, roughly 40 percent of the monthly FHA loans utilize down payment assistance to help lower-income Americans meet the mandated three percent down payment requirement.
“Without these down payment assistance programs 50,000 people nationwide would be unable to secure the American dream of home ownership,” said Scott Syphax, president and CEO of the Nehemiah Corporation of America, the largest and oldest provider of down payment assistance.
The federal Housing and Economic Recovery Act, H.R. 3221, was signed into law by President Bush several months ago in an attempt to save people from going into foreclosure and stimulate the economy; the act contained a stipulation to eliminate down payment assistance programs.
“The strong bipartisan support hearing speaks to the growing sentiment that the original Housing Bill was wrong to ban DPA. As H.R. 6694 continues to move through the House and onto the Senate, we urge members of Congress, like so many others, to vote to ‘amend – not end’ these important programs and correct the mistake made through the initial ban,” Syphax said.
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