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 HERE IS SOME DYNAMITE NEWS FOR ALL AGENTS AND CLIENTS!!! ENJOY, STEVE HARLESS

  Dear Colleague, I am pleased to announce that Nehemiah was victorious in its litigation against HUD! Judge Lawrence K. Karlton of the United States District Court for the Eastern District of California upheld Nehemiahâ€TMs motion for summary judgment. The Court Clerk's Office is directed to enter judgment and close the case.

To be clear, the U.S. Department of Housing and Urban DevelopmentsTMs (HUD) rule to ban private downpayment assistance as proposed in the “Standards for Mortgagorâ€TMs Investment in Mortgaged Property regulation published October 1, 2007, is permanently set aside.

We are thrilled with the CourtTMs decision to support low-to-moderate income families across the country by ruling against HUDsTMs attempt to ban private downpayment assistance. This is a major and conclusive judgment, leaving no uncertainty that downpayment assistance is a life line to the families that Nehemiah serves. It is heartening to see that the Courtâ€TMs arguments echo our sentiments and concerns. This decision preserves access and supports the use of sensible and reasonable approaches to homeownership for millions of working class families. It is a privilege to continue providing a helping hand to America â€TMs underserved families by building both safer communities and financial strength through homeownership. As we have said before, we look forward to working with HUD to support deserving families across the country.

Since May 2007, Nehemiah has led the fight against this controversial rule. Since it was announced, there has been confusion throughout the industry regarding the potential impact of this rule. As the DPA industry leader, Nehemiah took seriously our responsibility to provide you with timely, accurate and responsible information about the events and activities surrounding this issue.

We took action by educating influential people and organizations regarding the truth about downpayment assistance. We asked for our homebuyers and industry partners to help us by voicing their support and the response has been overwhelming. I want to thank each of you for your letters, phone calls and spoken support of Nehemiah throughout this unfortunate situation. Your support has helped raise awareness in Washington D.C. which has increased the dialogue regarding DPA regulation though legislation. We hope to see some positive congressional developments aimed preserving the option of private downpayment assistance for homebuyers. Currently, the Senate is contemplating FHA Reform legislation that will determine the fate of private downpayment assistance programs. Please help us one more time by contacting your Senators to convey your support for downpayment assistance; a very important vote is expected in the next few weeks.

As a reminder, we provide a section on our website called Regulatory Updates where we detail significant issues relating to DPA regulatory and legislative events. Check back for new postings or sign-up to have accurate and timely information delivered to you.

On behalf of the entire Nehemiah team, we look forward to providing you with the same unmatched quality you have come to expect from us for years to come. Sincerely, Scott Syphax
President & CEO
Nehemiah Corporation of America
 

5 Comments on HUD RULING UPDATE!!!!

MAR
04
2008
126,176 Points

Excellent news and post Steve

I have used this program many times and it is a big help with first time home buyers.

Good Luck

Tony
5:37am • #1
109,216 Points Outside Blog
I just closed on one last week and was afraid it was the last. I'm glad to hear they will still be around.
5:52am • #2
1,036,229 Points 26 Featured Posts Outside Blog Called Shot Master
Thanks for the update. It will become popular and will help many buyers.
5:55am • #3
146,697 Points 4 Featured Posts Outside Blog Attended Rain Camp Called Shot Master
Thanks for the update, Steve.  I had heard last week that PDPA might continue but wasn't sure of the status. 
8:26am • #4
160,137 Points 1 Featured Post Outside Blog
Amanda, it is so important to keep this program! I am optimistic for our future not only for 1st time buyers, and realtors as well, it will impact our nation as a whole; allowing the economy to get back on track and become strong again.
11:37am • #5

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Steve Harless "Your Las Vegas Real Estate Connection"

Las Vegas, NV

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Haines & Krieger Realty - 702.217.1680

Address: Haines & Krieger Realty, 8985 S Eastern Ave #370, Las Vegas, NV, 89123

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