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Industry News

No More Gifts

February 8, 2002

AmeriDream Suspends Use Of Donations To Pay Home Buyers? Consumer Debts

Inman News Features

AmeriDream Charity, a non-profit organization in Gaithersburg, Md., announced it is voluntarily suspending the use of AmeriDream funds for payment of home buyers' debts.

AmeriDream's gift funds were intended to provide down payment funds for certain home buyers, but some of the funds reportedly have been used to pay down or pay off debts the home buyer accumulated prior to purchasing a home.

The U.S. Department of Housing and Urban Development announced last month it no longer will allow funds from a home seller or non-profit organization to be used to pay a home buyer's consumer debts.

"We understand the concerns expressed by HUD and the Federal Housing Agency regarding the potential relationship between debt and higher default rates," said AmeriDream CEO Chris Russell. "We strongly believe debt relief plays an important role in removing yet another barrier to homeownership for low-to-moderate income families and hope we can work with HUD to resolve the issue."

Gift funds still can be used toward the down payment or closing costs, but HUD has said repayment of a purchaser's consumer debt with gift funds may result in a riskier mortgage loan.

Copyright: Inman News Service

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