RISMEDIA, Nov. 7, 2007-The following statement was issued by the National Urban League (NUL) in response to a preliminary injunction by the Unites States District Court for the District of Columbia barring the U.S. Department of Housing and Urban Development (HUD) from enforcing the “Standards for Mortgagor’s Investment in Mortgaged Property” regulation published on October 1, 2007.
“Today, by putting a stop to HUD’s rule banning downpayment assistance, the Court has restored hope for an immeasurable number of American families. The efforts of downpayment assistance programs such as The Nehemiah Program have helped more than 600,000 American families realize the dream of homeownership. Moreover, in step with League’s initiative to promote economic stability among African Americans, these programs have specifically helped low-to-middle income minorities build equity and financial strength. The additional challenge of obtaining homeownership without private downpayment assistance is one devastating to imagine. Luckily, because of actions taken today and the efforts of many over recent months, we can look forward to the continued success of these programs and continued access to homeownership despite the current mortgage environment.”
– Marc Morial, President of the National Urban League