Feb 2, 2009

Help DPA Programs

How can we help the economy? Restore "DPA" or "Down Payment Assistance" programs. That's part of the findings by the Nehemiah organization - who provide funds for such programs.

Here's a blurb from that group:

Downpayment assistance (DPA) programs in the U.S. had a major beneficial impact on the economy last year, creating $38.6 billion in revenues, 235,000 jobs, and $4.6 billion in total tax revenues, according to an economic-impact study done by two well-respected California economists, Dr. Robert Waste and Dr. Robert Fountain.

Some highlights of their research:

* More than 200,000 new and existing homes were sold last year with DPA. (The research covered the 12 months from December 2007 through November 2008.) Roughly 40% of all loans originated by the Federal Housing Administration used DPA.
* Nehemiah's DPA program helped families purchase more than 78,000 new and existing homes last year. More than 25% of those sales were on foreclosed homes, effectively taking them off the market.
* About 40% of the borrowers were households headed by minorities and more than one-third were headed by females.
* Of 235,000 new jobs created last year, 195,000 came from new-home construction and the rest from new-home sales. DPA also accounted for $4.6 billion in total tax revenues last year.

Anything we can do to help the homeowner and the greater economy... let's do it!


Support H.R. 600

The Waste/Fountain Study supports the passage of H.R. 600 - FHA Seller-Financed Downpayment Reform Act of 2009, a bi-partisan bill introduced by Representative Al Green (D-TX). Reformed DPA will play a key role in generating homeownership at no cost to U.S. government or taxpayers, according to a Congressional Budget Office (CBO) report.

- Jim


No comments: