FHA Non Profit Down Payments Knocked Down, But Not Yet Down for the Count?

The Housing Reform bill (H.R. 3221) passed by both the House and the Senate will kill programs by which non profits funded down payment"gifts" to home buyers using FHA mortgage insurance home purchase programs.

WSJ story on history and demise of these programs is HERE.

However, Financial Services Chair Frank indicated yesterday during consideration of H.R. 3221 that the cut off date for these programs will not be until October 1st, AND there will be an attempt to create a stand alone piece of legislation in the interim that could resurrect revised non profit down payment assistance programs.

Flash Video from C-Span HERE, features CA. Rep Maxine Walters talking about the bill , and then Chair Frank makes his additional comments related to non profit down payments.