Down Payment Assistance Programs Further President's Goal of Increasing Minority Homeownership
Neighborhood Gold(R) Down Payment Assistance Program Removes the Largest
Barrier to Meeting the President's Goal of Increasing Minority Homeownership
By 5.5 Million
OREM, Utah, Oct. 16 /PRNewswire/ -- A new report entitled 'Economic Benefits of Increasing Minority Homeownership' released yesterday by the U.S. Department of Housing and Urban Development (HUD) states that meeting President Bush's goal of expanding minority homeownership by 5.5 million families will generate an additional $256 billion for the housing sector of the U.S. economy, as well as create jobs and spur growth in other economic sectors. HUD has cited the down payment as the greatest barrier to owning a home. Nonprofit down payment assistance programs eliminate the down payment barrier and allow minority homeownership to progress toward the President's goal. "Down payment assistance programs, such as Neighborhood Gold, were created to help minorities, single parent families and low and moderate income families achieve homeownership by providing a grant to use toward the down payment," says Neighborhood Gold president Rich Ferguson. HUD estimated that last year 34 million people were renting in the U.S. An estimated 30 percent of those renters, or 10.2 million people, could afford a mortgage but did not have enough money saved to afford the several thousand dollar down payment. The success and increase in use of down payment assistance programs that has occurred in the last few years is directly related to the need for their service. In the report, increasing homeownership is cited as a national priority for many reasons: 1) Despite increases in minority homeownership over the last decade, a significant "homeownership gap" still exists. 2) Increasing homeownership spurs job growth. For example, according to the HUD report, building 1,000 single-family homes creates 2,448 full-time jobs in fields such as construction, transportation, trade and other locally based services. 3) Increasing homeownership also increases the demand for household goods such as furniture, appliances and lawn care supplies. According to the report, increasing minority homeownership by 5.5 million families will increase spending on home improvements and household products by almost $36 billion. 4) Homeownership is a source of stability and financial security for America's families and communities. Neighborhood Gold has already gifted more than $100 million to more than 20,000 homebuyers around the country to use toward the down payment on a home. As one of the top national down payment programs, Neighborhood Gold has established a reputation among real estate professionals as having the fastest and most streamlined grant application process as well as the best customer service. Neighborhood Gold was also the first to introduce the Mortgage Payment Protection Plan to keep down payment assistance homebuyers in their homes by automatically enrolling homebuyers into an insurance plan that covers up to six months of mortgage payments should the borrower unexpectedly lose his/her job. About Neighborhood Gold Neighborhood Gold was established in February 2000 to market the down payment assistance offered by The Buyer's Fund, a 501(C)(3) nonprofit organization formed to increase homeownership opportunity. Recently, Neighborhood Gold, in conjunction with several other down payment assistance programs, formed the Homeownership Alliance of Nonprofit Downpayment providers (HAND), to establish ethical business practices and ensure that down payment assistance programs are up-to-date on current housing rules and regulations. For more information about receiving a down payment grant from Neighborhood Gold, homebuyers should call 1-888-627-3023, or visit the website at www.neighborhoodgold.com . Make Your Opinion Count - Click Here http://tbutton.prnewswire.com/prn/11690X71153308
SOURCE Neighborhood Gold
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