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Published on Sunday, September 07, 2008
By LA Daily News Staff Writer
A down-payment assistance program for aspiring homebuyers could end on Oct. 1 for what seems like an unusual reason.
That's the day the Housing and Economic Recovery Act of 2008, designed to help pull the nation out of an epic housing market meltdown, takes effect.
And the act specifically prohibits sellers from offering down-payment assistance if they would benefit financially from the sale of their home.
This doesn't sit well with Scott Syphax, president and CEO Nehemiah Corp. of America, a Sacramento-based nonprofit, founded in 1994 that offers down-payment assistance.
As soon as the bill took effect, he began lobbying Congress about another measure to reinstate the assistance.
"They were more shocked than we were because they had no idea about the ramifications of this provision in the (recovery) bill," he said.
The bill is aimed at government and nonprofit agencies more than individuals and seems to be at odds with itself
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