Friday, November 30, 2007

Q: What is the status of AmeriDream's lawsuit vs. HUD and the agency's proposed rule that will eliminate down payment assistance?

A: There have been two significant events with regard to HUD’s proposed rule.

First, HUD voluntarily agreed to defer the effectiveness of the Regulation, as to AmeriDream only based upon the agreed to court schedule.

Second, the judge presiding over this litigation issued an injunction preventing the regulation from taking effect and stated that AmeriDream's arguments that the Regulation violates the APA are, "substantially likely to succeed on the merits."

As the Gold Standard for down payment assistance, AmeriDream remains committed to continue to fight the HUD Rule and to continue its mission to help individuals and families that are in need of a DPA program. AmeriDream also remains committed to keeping you aware of the latest news and information regarding the HUD Rule on DPA.

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