Industry NewsMortgage

Companies rallying for seller-funded down payments

Senate, HUD looking to kill assistance programs
Published on Jul 15, 2008

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 radio ads are "coming soon." A related AmeriDream-backed site, the "Association for Homeowners Across America," links back to SupportHomeownership.com. Nehemiah Corp. and AmeriDr...

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