Promoting Homeownership

Promoting Homeownership

Washington, Jun 19 - On May 25, 2005, President George W. Bush declared the month of June "National Homeowners Month." For many Americans owning their own home is an essential part of achieving the America Dream. A home is not merely shelter, but also provides an opportunity for growth, prosperity and security.

Homeownership - a common and shared dream for millions of our citizens - unites us as a people and as a nation. Studies have shown that homeownership leads to more close-knit neighborhoods with stronger schools and a more involved citizenry. For this reason, every family must have the opportunity to share this part of the American Dream.

More Americans own homes now than ever before. Minority families now make up a greater percentage of homeowners than in years past. Since 2002, 2.3 million minority families have purchased a home. This is halfway to the President's goal of five and a half million by the end of the decade. He also set a goal of seven million more affordable homes by 2012.

In 2003, Congress passed and President Bush signed the American Dream Downpayment Act. This law was enacted to assist low-income buyers through the red-tape involved with buying their first home. Passage of this historic act is not the end of our efforts to promote homeownership. In the FY 2006 budget, President Bush included housing tax credit for single families as well as two mortgage programs—the Zero Downpayment mortgage and the Payment Incentives program. These efforts show that we continue to remain serious about increasing America's homeownership rate.

A report released this week says that the new-housing market in United States is still thriving. Home construction last month raised 0.2 percent as builders met a high demand for new projects resulting from low mortgage rates. This increase in building is a direct product of the record-high sales of new and existing homes in April of this year, during a time of low mortgage rates.

The increase in home construction is very visible in the Third District of Arkansas. As our region continues to grow by leaps and bounds, it is important that we continue to provide incentives so that people can afford to fill those new homes.

Though National Homeowners Month lasts a mere thirty days in the summertime, promoting homeownership and assisting those who are on the path to purchasing is a year-long task. We remain committed to these efforts and look forward to even more Arkansans becoming homeowners.

http://www.boozman.house.gov/News/DocumentSingle.aspx?DocumentID=29502