Sacramento Bee (CA) (08/13/08); Wasserman, Jim
The federal housing bill recently signed into law will put an end to a widely used seller-funded down-payment assistance program on Oct. 1, but Nehemiah Corp. of America has launched dpagroundswell.org to generate support for a bill proposed in the House that would keep the initiative in place longer. Proponents of down-payment programs say they helped 1 million households achieve homeownership over the last 10 years, but the government has expressed concern about higher default rates among program participants and that sellers might inflate sales prices to cover the gift amount.
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