Nehemiah Hud Lawsuit Statement

By
Real Estate Broker/Owner with Rankin Realty at Lake Powell, LLC

For anyone following the Nehemiah HUD lawsuit, Nehemiah officials released a statement this evening.

Background: Nehemiah is the largest of the privately funded, non-profit, downpayment assistant programs. In October 2007, HUD ruled to ban private downpayment assistance programs. Nehemiah has been fighting this ruling through the courts and today was successful in having the HUD ruling overturned. 

From The PR Newswire: 

Nehemiah Corporation of America Comments on Successful Summary Judgment Decision in Lawsuit Against HUD

SACRAMENTO, Calif., March 3 /PRNewswire-USNewswire/ -- The following statement is in response to the decision by the United States District Court for the Eastern District of California to rule against the U.S. Department of Housing and Urban Development (HUD) rule to ban private downpayment assistance as proposed in the "Standards for Mortgagor's Investment in Mortgaged Property" regulation published October 1, 2007.

"We are thrilled with the Court's decision to support low-to-moderate income families across the country by ruling against HUD's attempt to ban private downpayment assistance. This is a major and conclusive judgment, leaving no uncertainty that downpayment assistance is a life line to the families that Nehemiah serves. It is heartening to see that the Court's arguments echo our sentiments and concerns. This decision preserves access and supports the use of sensible and reasonable approaches to homeownership for millions of working class families. The Nehemiah Program has granted more than $1 billion in gifts in the past decade, helping more than 250,000 American families achieve the American dream. It is a privilege to continue providing a helping hand to America's underserved families by building both safer communities and financial strength through homeownership. As we have said before, we look forward to working with HUD to support deserving families across the country."

- Scott Syphax, President and CEO of Nehemiah Corporation of America, the largest and oldest private downpayment assistance provider.

According to the NY Times this morning, over 100,000 consumers used the aid in 2006 with Nehemiah Corporation of America and AmeriDream Inc. being the two largest providers. 

See information on the Northern Arizona Homebuyers Assistance Programs

Lake Powell Real Estate - First Time Homebuyers Assistance Program

 

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Ambassador
1,352,783
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

Wow, this is interesting. We so far did not have any sales with the mortgage with down-payment assistant, but we might be doing it.

Thanks

Mar 04, 2008 01:21 AM #1
Rainer
126,247
Tony Grego, 317-663-4173 #1 Trade Association for Alternative Inv
REISA - 317-663-4173 - Indianapolis, IN

It is a great program and I have helped many with it. The down side there is plenty of pressure to eliminate this program. Guess we will see what happens.

Good Luck

Tony

Mar 04, 2008 05:36 AM #2
Rainmaker
2,004,555
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I hope they will continue. It is agood program.

Mar 04, 2008 06:39 AM #3
Rainer
13,478
Matthew Heavener
ERA Heavener Realty Co. - Jacksonville, FL
This is a very important alternative for those affected by FREDIMAC declaring their community a "declining market".  This is one of the few ways to obtain 100% financing.
Mar 04, 2008 10:56 AM #4
Rainer
50,408
Heather Rankin
Rankin Realty at Lake Powell, LLC - Page, AZ
Lake Powell Real Estate

Jon - I have not done any of these either, but have talked to others who have had good experiences with Nehemiah.

Tony - Do you get the feeling this is not over yet?

Gita - Agree on that. 

Matthew -  Am learning here.... it seems that the results of being declared a "declining market" are pretty devastating to both buyers and sellers.

Mar 04, 2008 12:03 PM #5
Rainmaker
200,255
William Collins
ERA Queen City Realty - Scotch Plains, NJ
Director of Property Management

Heather,

Thanks for the post. This is a very timely victory for first time buyers. With lower price points, interest rates and what amounts to a gift for closing costs and downpayment assistance- homeownership can become reality.

Mar 08, 2008 07:20 PM #6
Rainer
17,377
Melinda Barry
ERA Suncoast Realty - Crystal River, FL

I'm hoping they will continue the program, I currently have an offer on the table that will require it.

Thanks for the info!

Apr 04, 2008 10:26 AM #7
Rainmaker
49,541
BJ Matson
Remax Town Center - Olney, MD

Save Ameridream and other Down Payment Assistance programs
If you haven't done so, go to this website, http://www.rallyforhomeownership.org/

It only takes 30 seconds.  This form will go to your local Congressmen and Senators.
CONGRESS MEETS ABOUT THIS TODAY! 

HUD should modify to lessen the risk BUT don't get rid of it.  This is one of the last programs out there right now that can get buyers into a home with no money.  (They still have to credit and income qualify)

http://activerain.com/blogsview/605114/Down-Payment-Assistance-Congress

Jul 23, 2008 01:37 AM #8
Rainer
157,551
Michael Kitsch
Coldwell Banker - Katy, TX

So, with Nehemiah gone, do ya have a program that works for ya?

Feb 01, 2011 06:25 PM #9
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Heather Rankin

Lake Powell Real Estate
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