SECRETARY MARTINEZ SIGNS NEW HUD ACCORD WITH RUSSIA

WASHINGTON - Housing and Urban Development Secretary Mel Martinez today signed a Memorandum of Cooperation with his Russian counterpart, Nicolay Koshman, the Chairman of the State Committee on Construction (Gosstroy).

In this new accord, the two governments formally agreed to share their knowledge and experience in addressing a variety of critical issues in housing and urban policy, particularly the issue of affordable housing for lower income families and urban reinvestment strategies. The MOC is an example of the developing economic partnership between the U.S. and Russia that will be discussed during the upcoming Bush-Putin Summit, September 26-27, 2003.

"The goal of affordable, safe and decent housing is a shared goal of both nations," said Martinez. "Expanding homeownership opportunities are core issues in the economic and social basis of society and HUD is looking forward to working with Gosstroy on the development of viable housing markets and the critical role of public-private partnerships in addressing the development needs of Russian cities."

Addressing a joint news conference, Martinez and Koshman emphasized that the successful implementation of this new accord would serve the long-term interests of both countries. Both are particularly concerned with enhancing the role of housing in the national economy, in devising new ways to make housing more affordable to lower income families, and in formulating effective urban reinvestment strategies.

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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