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Down Payment Assistance (DPA) grants are now being challenged by the
IRS and this beneficial program is now in jeopardy of being
discarded/banned. DPA grants are commonly used for down payment and
closing cost assistance in conjunction with FHA loans.
On May 4th, the IRS issued Revenue Ruling 2006-27 that could prevent
nonprofit organizations from doing what they do best: getting
low-income families, single parents, and minorities into homes.
I need your assistance to raise for discussion what the IRS has
neglected to consider.
Here's what the IRS missed:
1. Current federal public policy on housing.
2. The needless destabilization of the housing industry and the
national economy.
3. The immediate impact on the mortgage lenders, home builders and most
importantly the American homebuyers the DPA grants help.
4. The role that Downpayment Assistance firms play in reducing the role
of government.
Here are the stats:
- The DPA industry provides over half a billion dollars of downpayment
assistance per year.
- Nearly 40% of FHA initiated loans receive downpayment assistance.
Consequently, I am concerned about the ripple effect that the
implementation of the IRS ruling will have on our nation's economy and
homeownership.
Here is where you come in.
Below are the few items that I need your help with. Please help with as
many as you can.
1. Your phone calls and letters. Call or write requesting IRS Ruling
2006-27 be suspended for a period to allow public comment.
Treasury Secretary John Snow at 202-622-2000 (you can find a draft
letter at
http://www.thegenesisfoundation.org/assets/pdf/sdpaDraft-Letter-to-Sn...)
Director of Government Affairs Kurt Pfotenhauer at the Mortgage Brokers
Association (MBA) at 202-557-2857
2. Your stories and quotes. I am looking for the stories of the folks
that benefited from DPA. (The "tears of joy" and "the overwhelming
sense of pride as your buyers were handed the keys at the closing"
stories and the low/moderate income families, single parents,
minorities, and others, that wouldn't otherwise be in a home today).
Please send your stories and recounts to EZMortgageLo...@aol.com.
Needless to say, timing is very important, so I will thank you in advance
for your support, as will the thousands of Americans who would not
otherwise be able to achieve the American Dream of homeownership.
Please help me help those that are less fortunate by responding today.
Regards,
Scott Miller
National Commercial and Residential Lender/Broker Carteret Mortgage
1.877.716.6495
EZMortgageLo...@aol.com
www.RealEstate-IQ.com
www.EZMortgageLoanz.com
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IRS Is Doing Its Part To Kill The American Dream of Homeownership-PLEASE READ
