HUD
No. 03-043
Brian Sullivan
(202) 708-0685
www.hud.gov/news
|
For
Release
Thursday
April 17, 2003 |
MARTINEZ AND NEY ENDORSE AMERICAN DREAM LEGISLATION TO INCREASE HOMEOWNERSHIP
AMONG LOWER INCOME FAMILIES IN OHIO
Secretary Also Highlights $3.1 Million Boost in Funding for Ohio to Increase
Affordable Housing
LOGAN, Ohio - A bi-partisan bill co-sponsored by Ohio Congressman Bob
Ney will help create 40,000 more low-income and minority homeowners, Housing
and Urban Development Secretary Mel Martinez told a group of local leaders in
Logan today. The proposal would provide downpayment assistance to lower income
households while meeting the Bush Administration's goal of expanding minority
homeownership by 5.5 million families by the end of the decade.
Martinez
also pointed to President Bush's proposed budget for next year, which includes
a $113 million, or five percent, increase for HUD's Home Investment Partnerships
Program (HOME). The President's budget calls for Ohio to receive $72.8 million,
a $3.1 million increase, for HOME, which fuels the production of affordable
housing through flexible grants to states and communities.
"The
Bush Administration is committed to helping more lower income and minority families
realize the American Dream," said Martinez. "I am pleased that Representative
Ney is joining in our effort to provide downpayment assistance. Not only will
the bill create more homeowners, but it will help strengthen entire communities."
Ney is
co-sponsoring H.R. 1276 to authorize the downpayment assistance program. This
year, Congress appropriated $75 million for the American Dream Downpayment Initiative,
and President Bush is proposing another $200 million in fiscal year 2004. Qualifying
families will receive an average of $5,000 to be used toward downpayment and
closing costs.
The American
Dream Downpayment Initiative will be administered under the HOME program. Since
its inception, HOME has played a vital role in addressing the shortages of affordable
rental housing and homeownership in communities nationwide. Get more information
about the American Dream Downpayment
Initiative.
Census
figures indicate that while nearly 70 percent of all American households are
homeowners, less than half of African-American and Hispanic families own their
own homes. Intent on closing this homeownership gap, President Bush issued the
"Homeownership Challenge" to increase minority homeownership by 5.5
million by the end of the decade.
Last year,
HUD released a report that concludes adding 5.5 million minority homeowners
will stimulate an additional $256 billion in benefits to the housing sector
of the U.S. economy. In addition, HUD created The Blueprint for the American
Dream Partnership, a coalition involving every segment of the housing industry
to build broad-based support of the President's goal of increasing homeownership
opportunities for minority families. HUD and its partners hope to meet the President's
challenge by:
- Educating
more people in the home buying process;
- Increasing
the supply of affordable homes;
- Providing
more downpayment and closing cost assistance; and
- Offering
more home financing options for lower income Americans.
HUD is
the nation's housing agency committed to increasing homeownership, particularly
among minorities, creating affordable housing opportunities for low-income Americans,
supporting the homeless, elderly, people with disabilities and people living
with AIDS. The Department also promotes economic and community development as
well as enforces the nation's fair housing laws. More information about HUD
and its programs is available on the Internet.
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