Housing Bubble
Neighborhood Gold to reinforce HUD's promotion of affordable housing
February 07, 2003
PROVO, Utah, Feb. 7 /PRNewswire/ -- Neighborhood Gold, a national provider of down payment grants, reinforced its support of the Department of Housing and Urban Development (HUD) and its proposed goals to promote affordable housing and strengthen communities by pledging the continued support of its down payment assistance grant program.
In an announcement released earlier this week, HUD announced its 2004 proposed budget and its priorities to address the minority homeownership gap and availability of affordable housing. Down payment assistance grants are key to the realization of these aims.
"The new homeowners of today are the building blocks to developing the rich, strong communities of tomorrow," said Rich Ferguson, president of Neighborhood Gold. "We support HUD's continued emphasis on increasing affordable housing and strengthening communities. From direct monetary assistance, tax credits and counseling, HUD will be able to begin to meet the great need for affordable housing. President Bush's goal of increasing minority homeowners by 5.5 million by the end of the decade is a remarkable and visionary. If successful, communities will be revitalized as pride of ownership increases minority homeownership and leading to their involvement in neighborhoods where they live."
Neighborhood Gold is part of an industry that is helping an estimated 200,000 low and middle-income families purchase homes annually. Those who receive grants have good jobs and can afford mortgage payments, but lack down payment funds and don't qualify for the generous subsidies offered through HUD.
"Down payment assistance from private, non-profit groups is an important service that goes beyond what the federal government can and should do," added Ferguson. "We can pick up where HUD leaves off, in supplying needed capital to hundreds of thousands of potential homeowners each year."
Established in February 2000, Neighborhood Gold helps individuals across the nation become homeowners by eliminating the down payment hurdle associated with home buying. In July 1999, The Buyer's Fund™, a 501(3)(C) non-profit organization, was formed to help homebuyers receive down payment assistance. The Buyer's Fund was given IRS approval to award down payment grants in April 2000 and started to work with Neighborhood Gold to help thousands of people reach their dream of owning their own home.
Source: Neighborhood Gold
