Nonprofits Oppose IRS Ruling

An alliance of nonprofits that provide downpayment assistance have urged Treasury Secretary John W. Snow to suspend IRS Revenue Ruling 2006-27 and create an opportunity for public comment on the impact the ruling will have on low-to-moderate income homebuyers, the housing industry, and the national economy.The organizations said they united in response to a May 4th revenue ruling by the Internal Revenue Service that they believe could result in preventing certain nonprofit organizations from providing downpayment assistance to low- and moderate-income individuals and families who require help to purchase a home. The alliance, which calls itself Support Downpayment Assistance, can be found on the Web at http://www.supportdownpaymentassistance.org.