COSTA MESA, Calif.--(BUSINESS WIRE)--Nov. 2, 2005--HomeAid, the country's leading non-profit developer of transitional housing and Ameriquest Mortgage Company, along with its affiliates AMC Mortgage Services and Argent Mortgage, jointly announced today they will be the first to begin restoring commercial New Orleans and preserving its rich heritage by renovating the historic New Orleans Rescue Mission, located 1/4 mile southeast of the Superdome at 1130 Oretha Castle Haley Blvd. The Mission, which sits on a three-acre site featuring separate housing for women, men and families, was destroyed by Hurricane Katrina: completely ruining the family center, severely damaging the men's center and leaving the center for women uninhabitable.

Financed by the Gulf Coast Rebuilding Fund established in September through a partnership between HomeAid and Ameriquest, reconstruction is set to begin on the 4,000-square-foot women's facility which will now focus 100 percent on housing Katrina evacuees who want to return to New Orleans, but who are currently without a livable home. Working in conjunction with the Home Builders Association of Greater New Orleans and Toni Wendell of Old World Remodeling, a local homebuilder, HomeAid will begin clean-up and construction on the 24-bed structure this week, and residents are expected to move in in time for the holidays.

"The New Orleans Rescue Mission was severely damaged in Hurricane Katrina. The Women's shelter roof was damaged, the chimney fell down, and the wind and rain resulted in broken windows and severe mold issues throughout the interior," said Ron Gonzales, executive director of the New Orleans Rescue Mission. "HomeAid is one of the only organizations that has both the resources and infrastructure so critically needed to rebuild our city and restore its beauty. This structure has been vacant for the past six weeks, and we are so fortunate to have HomeAid come in and renovate so that we can help those in our community return and begin to rebuild their lives here."

The New Orleans Rescue Mission will continue to house Katrina evacuees for as long as the need requires. Residents will be chosen based on a comprehensive interview process, employment readiness test and a written plan documenting milestones for getting back on their feet. This particular facility will accommodate single women and children, a demographic that makes up approximately 86 percent of the local neighborhood population surrounding the Mission's site.

Filling a niche response to transitional housing in America, HomeAid, a non-profit organization established by the building industry, also announced they are exploring four additional Gulf Coast Rebuilding Fund projects - a historic restoration of the family center at the New Orleans Rescue Mission (the second of the Mission's three structures), two new building projects in Houston and one in Atlanta.

These projects, funded by a $3 million donation from Ameriquest Mortgage and its affiliates, are the first of many planned transitional housing projects in the Gulf Coast region over the coming months. Together, these projects will house thousands of individuals and families for six months to a year while they go through the difficult process of rebuilding their lives. More details of these projects will be available in the coming weeks.

President Bush's point person on the issues of homelessness, Philip Mangano, the executive director of the U.S. Interagency Council on Homelessness, also added: "Today, we recognize that no one agency, no one program, no one level of government and no one sector can accomplish the recovery alone in areas affected by Hurricanes Katrina and Rita. A national partnership is emerging to affect the recovery, and HomeAid and Ameriquest have brought the private sector to the table to join in one of the largest disaster response mobilizations in the United States. HomeAid, with its record of partnership with local service providers and public agencies, is proving to be a vital partner in the work of community transformation."

"The devastation caused by Hurricanes Katrina and Rita is overwhelming. If not for the generous support of corporate America, we would not be able to rebuild the housing that is so desperately needed for evacuees. Ameriquest's partnership with HomeAid in this effort exemplifies the role that companies must play in supporting the rebuilding process," said Genette Eaton, chief executive officer of HomeAid.

For more information or to make a donation to HomeAid's "Gulf Coast Rebuilding Fund," visit www.homeaid.org. Contributions can also be sent to HomeAid Gulf Coast Rebuilding Fund, 2900 Bristol St., Ste. D204, Costa Mesa, CA 92626.

About HomeAid

HomeAid is the nation's largest builder of housing for the homeless and has helped more than 52,000 temporarily homeless men, women and children. With the mission of building dignified housing where homeless families and individuals can rebuild their lives, HomeAid has 22 chapters in 11 states, has completed 101 shelter projects nationwide with another 42 projects currently in development, and manages combined finance/construction assets exceeding $111 million. HomeAid was established in 1989 as a non-profit organization by the Building Industry Association of Southern California, an affiliate of the National Association of Home Builders. For more information call 714-662-6822 or visit www.homeaid.org.

About ACC Capital Holdings and its Affiliate Companies

ACC Capital Holdings, parent to Ameriquest Mortgage, AMC Mortgage Services, and Argent Mortgage, is headquartered in Orange, Calif. As national mortgage companies they help people achieve their home ownership dreams and financial freedom. To fulfill that mission, they originate and service home mortgage loans throughout the United States. ACC Capital Holdings and its affiliates employ more than 15,000 associates nationwide. For more information about Ameriquest, Argent and AMC Mortgage Services visit www.ameriquest.com, www.amcmortgageservices.com, and www.argentmortgage.com.

Copyright Business Wire 2005

HomeAid

HomeAid

HomeAid Northern Virginia was started in 2001 by the members of the Northern Virginia Building Industry Association (NVBIA), and since then has completed more than 54 projects valued at more than $10 million. HomeAid Northern Virginia is a chapter of HomeAid America.

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