News, insight and some thoughts about the Sacramento-area real estate market

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June 12, 2008

The Endless War over Down Payment Assistance

A lot of you out there in the trenches selling houses
may not have heard this earlier in the week:

 The U.S. Department of Housing and Urban Development is again (a third time in less than a decade) trying to ban the down payment assistance gifts developed and championed by Sacramento-based Nehemiah Corp. of America.

We'll have more on this in the print edition of Home Front tomorrow. In the meantime, here is the HUD version of events, followed by Nehemiah's response.

Reading the media accounts and blogs it didn't seem HUD was given great odds of prevailing. Agree or not with the program, one thing Nehemiah and similar providers of down payment assistance have been able to do is rally the political and business sectors for support.
 
The New York Times had this account.
The Wall Street Journal also covered it here.


Posted by Jim Wasserman, June 12, 2008 3:28 PM