County Officials Support Seller-Funded DPA

The National Association of Counties has passed a resolution applauding the contribution of seller-assisted downpayment assistance programs to helping hundreds of thousands of low- to moderate-income families become homeowners.The NAC announced the resolution during its 72nd Annual Conference and Exposition in Richmond, Va. "Housing affordability remains a critical problem in many jurisdictions across the country," said Commissioner Grady Prestage, chair of the Community & Economic Development Steering Committee, which sponsored the resolution. "Eliminating downpayment assistance programs would remove a critical tool for creating homeownership and wealth-building opportunities for low- to middle-income families." In May, the Department of Housing and Urban Development proposed a rule that would ban DPA obtained from a gift, loan, or other payment provided by any donor, including a nonprofit group, individual, or homeseller.