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    Posted February 10, 2009 by
    HBA4477 |
    Location
    Nashville, Tennessee
    Assignment
    Assignment
    This iReport is part of an assignment:
    Issue #1: Questions on the economy

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    Builders Grass Roots Rally Calls For Return of Down Payment Assistance to Stimulate Housing Industry

    By HBA4477  |  Posted February 10, 2009  |  Nashville, Tennessee
     
    Members of the *Home Builders Association of Middle Tennessee
  • gathered Friday, February 6 in downtown Nashville to ask Congress to bring back down-payment assistance. An estimated crowd of 80 was expected but over 250 attended the rally. Congress removed down-payment assistance on Oct. 1, 2008 as part of the Housing Recovery Act and the negative impact of its removal has rippled across the economy, affecting not only builders but retailers, particularly home suppliers like Home Depot. Builders argue that Congress went too far by eliminating the program rather than making changes. They say rising foreclosures are primarilty due to sub prime mortgages with variables rates and risky creative financing, such as loans with no documentation. At the rally, local builder John Floyd of Ole South Properties, the largest independent builder in Tennessee, stated that of all the down payment assisted loans his company has made, he did not know of one single foreclosure. Builders say Congress has made it more difficult for essential members of the workforce to buy their first home and contend that by "removing this first rung of the home-buying ladder" they have negatively affected the entire housing market. They contend that restoring down payment assistance will not cost any taxpayer dollars while helping clear the overhang of housing inventory and will be the real stimulus that is needed for an economic recovery. The rally was a grass root effort from a local building association frustrated that they can not get the attention of Washington and want this bill to come out of committee. Chuck Hammet, a spokesman for the Maryland-based nonprofit, AmeriDream Inc., that helps low- and moderate-income homebuyers, says 99.9 percent of down-payment assistance loans are FHA loans which require thorough documentation. He says down-payment assistance has helped more than 1 million credit worthy families nationally become homeowners, including 51,360 in Tennessee. ###

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