Latin American Labor Council Backs Downpayment Assistance

AFL-CIO affiliate stands up for working families as Congress debates
downpayment assistance

GAITHERSBURG, Md., July 23 /PRNewswire-USNewswire/ -- Ann Ashburn, President
of AmeriDream, Inc., today praised the Labor Council for Latin American
Advancement (LCLAA) for urging Congress to preserve downpayment assistance
funded in part by sellers as part of the housing stimulus package. LCLAA is
an affiliate of the AFL-CIO and represents the interests of 1.7 million Latino
workers in the United States and Puerto Rico. A copy of the LCLAA's statement
can be found here: http://supporthomeownership.com/News

LCLAA states in part, "Should Congress eliminate [downpayment assistance],
thousands of Latino working families may never be able to become homeowners.
This forces a good number of Latino families to either rent or resort to
predatory sub-prime financing that has proven to be devastating for minority
borrowers. Homeownership for Latinos is close to 30 percentage points below
that of Whites. If DPAs are eliminated that alone would exacerbate economic
disparities in our nation."

"On behalf of every American family and individual that aspires to
homeownership, I commend the LCLAA for its leadership in this critical
homeownership debate," said Ann Ashburn. "LCLAA recognizes that congressional
efforts to eliminate downpayment assistance will only stifle the economic
advancement of Latino families. LCLAA joins a rapidly growing list of
supporters for downpayment assistance, ranging from members of Congress and
mayors on both sides of the aisle to homebuilders, real estate professionals,
and families and individuals across the nation. By visiting
http://www.supporthomeownership.com every aspiring homeowner can tell Congress
and the Bush Administration to regulate - not eliminate - downpayment
assistance."

BACKGROUND: Charitable downpayment assistance funded in part with seller
participation has allowed homeownership to grow without using taxpayer
dollars. To date, more than one million families and individuals have
utilized this downpayment assistance, generating nearly $10 billion in home
equity for those families between 2000 and 2005. AmeriDream has provided more
than 200,000 gifts to aspiring homeowners, approximately 80% of whom were
first-time homebuyers. AmeriDream also has helped educate 60,000 homebuyers
through homebuyer education courses, helped 1,200 homeowners retain their
homes when confronted with mortgage difficulties, and committed over $30
million to affordable housing development in local communities.

SOURCE AmeriDream

Henry Fawell, +1-410-545-5830, for AmeriDream