Nonprofits that funnel money from homebuilders into seller-funded down payment assistance programs are ramping up a public relations campaign to save the programs from a proposed HUD rule change or Congressional ban. Scott Syphax, president and CEO of Nehemiah Corp. of America, plans to hold a press conference in Washington D.C. on Wednesday with hip hop mogul and activist Russell Simmons at his side. Last year, Syphax enlisted the help of another high profile figure, the Rev. Al Sharpton. Another company that facilitates seller-funded down payment assistance, AmeriDream Inc., has created a new Web site -- SupportHomeOwnership.com -- to drum up public support for the programs. The Web site, which includes a form for submitting a letter to federal and state lawmakers, promises r...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.