Grant America Program approved by HUDMortgagePress.comPenobscot Indian Nation, FHA, HUD, Grant America Program, PINFHA
The Penobscot Indian Nation proudly announces that they have
received approval from the Department of Housing and Urban
Development for the Grant America Program (GAP). 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 Chief Kirk Francis, GAP has funded
hundreds of low- and moderate-income homebuyers. 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."
"Lenders need to know, that not all tribal down payment programs
are operated in accordance with the regulations," said founder of
AmeriDream and current CEO of Global Direct Sales LLC (GDS) Chris
Russell.
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 downpayment 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.," said Mr.
Russell.
For more information, visit www.fhadpa.com.
