INDIAN ISLAND, Me. -- (April 15, 2008) The Penobscot Indian Nation proudly announces that they have received long awaited approval from the Department of Housing and Urban Development for the Grant America Program (G.A.P.). Through their housing agency, the Penobscot Indian Nation Fair Housing Administration (PINFHA), the Penobscot’s administer a nationwide down payment assistance program. This program, which is available to all Americans, not just Native Americans, is designed for low and moderate income home buyers to help them achieve the dream of home ownership.

Founded in January 2007 by visionary, Chief Kirk Francis, G.A.P. has funded hundreds of low and moderate income homebuyer’s. Timothy Love, Executive Director of PINFHA remarked, “Having written approval from HUD means, lenders can be confident that their loans will be insured by FHA.” Since FHA approves over 30,000 loans a month using down payment assistance, we asked if that was really a concern in the mortgage industry. Director Love responded, “There are several other tribal programs which lack formal approval and the true source of the buyer’s down payment is hidden from the lender. It is very possible that FHA could force a lender to repurchase the loan.” Mr. Love is Former Chief of the Penobscot’s and was appoint to oversee the PINFHA in 2006.

Founder of AmeriDream and current CEO of Global Direct Sales, LLC (GDS), Chris Russell states, “Lenders need to know, that not all tribal down payment programs are operated in accordance with the regulations.” GDS promotes G.A.P. on behalf of the PINFHA. According to Russell, the non-profit programs are at risk of losing their exempt status retroactively and other tribal programs are really just for-profit companies. “FHA has made it clear that down payment programs are not allowed to be for-profit businesses. It doesn’t matter that tribal “section 17"companies are tax exempt. It is still a for-profit business entity.

The Penobscot government is the actual source of down payment funds and the administrator of G.A.P.,” offered Mr. Russell.


SOURCE:
Grant America Program
www.FHADPA.com
Stanley@fhadpa.com
240-780-3333