Nehemiah Corporation of America Comments on Preliminary Injunction Barring HUD from Banning Private Downpayment Assistance

The following statement is in response to the United States District Court for the District of Columbia issuance of a preliminary injunction barring the U.S. Department of Housing and Urban Development (HUD) from enforcing the "Standards for Mortgagor`s Investment in Mortgaged Property" regulation published October 1, 2007.

"This is fantastic news for the hundreds of thousands of low-to-moderate income families struggling to realize the dream of homeownership. We believe that the findings of the Court underscore the weakness of HUD`s actions in developing and implementing its rule in the first place, particularly while Congress is still actively working on the subject, as well as HUD`s failure to consider reasonable proposed alternatives. We applaud the Court for recognizing the importance of comments put forth in the 15,000 letters submitted by families across the country, as well as by industry groups such as the National Association of Home Builders, the Mortgage Bankers Association, the US Council of Mayors, and National Association of Counties, and for recognizing the important role downpayment assistance providers like Nehemiah play in ensuring the future of homeownership for families working to reach the American dream. Going forward, we welcome the opportunity to work constructively with HUD toward the mutual goal of serving America`s underserved families."

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

To date, privately-funded downpayment assistance programs have helped over 600,000 families become homeowners, and have been credited not only for helping people buy homes, but also stabilizing neighborhoods and cities and creating stronger families.

  Contact:

  Emily Porro
  Sloane & Company
  212-446-1874

Source: Nehemiah Corporation of America

CONTACT: Emily Porro of Sloane & Company, +1-212-446-1874, for Nehemiah
Corporation of America