Skip to comments.Bush pushes minority homeownership
Posted on 06/15/2002 10:22:50 AM PDT by Sweet_Sunflower29
Bush pushes minority homeownership
By KATHY A. GAMBRELL, White House reporter
WASHINGTON, June 15 (UPI) -- President George W. Bush Saturday proposed an initiative to dismantle barriers that prevent minorities from owning their own homes.
"A home is a foundation for families and a source of stability for communities. It serves as the foundation of many Americans' financial security," the president said during his weekly radio address to the nation.
Bush is expected to start focusing on housing issues next week. He is to travel to Atlanta, Ga., Monday, where he will visit a community redevelopment project and discuss his proposals for spurring homeownership among minorities. Tuesday, Bush will tour the U.S. Department of Housing and Urban Development in Washington.
The administration plans to highlight the American Dream Downpayment Fund, which would provide $200 million to an estimated 40,000 low-income families a year.
"When a low-income family is qualified to buy a home, but comes up short on the down payment, the American Dream Down Payment Fund will help provide the needed funds," Bush said.
While nearly three-fourths of all white Americans own their own homes, less than half of all African Americans and Hispanic Americans are homeowners, Bush said.
Bush detailed three obstacles to homeownership: High down payment requirements, a lack of affordable housing, and the difficulty of the purchasing process.
"Consumers need to know their rights and responsibilities as home buyers. Education is the best protection for families against abusive and unscrupulous lenders," Bush said. "Financial education and housing counseling can help protect home buyers against abuses, greatly improve the loan terms they are offered, and help families get through tough times with their homes intact," Bush said.
The Millenial Housing Commission was charged by Congress to examine the state of housing in the United States. In its report released last month, the panel found that housing affordability is the "single greatest challenge" facing the nation. Approximately 13.4 million renter households and 14.5 million homeowners face spending between 30 percent and 50 percent of their incomes on housing.
The 22-member panel recommended enhancement of the role of the private sector in producing affordable housing. Bush agreed.
"Government action isn't enough. We need to energize and engage the private sector as well. That is why I have challenged the real estate industry leaders to join with the government, with non-profit organizations, and with private sector financial institutions in a major nationwide effort to increase minority homeownership," Bush said.
Last week, Bush declared June National Homeownership Month. The administration wants to triple funding to faith-based and self-help housing programs such as Habitat for Humanity which builds homes for low-income residents. HUD funding for so-called sweat equity programs would increase from $22 million to $65 million.
Bush is also asking Congress to approve $35 million for the Housing Counseling Assistance program and funding for the Section 8 homeownership program, which would allow local housing agencies flexibility in moving low-income families into their own homes.
This is the difference between compassionate conservatism and liberalism. Liberalism will throw out a few fish. More votes, more fish. Compassionate conservatism teaches people to fish.
I can understand the government working with private enterprise, to secure low interest loans for minorities and poor folks in general. Having a shot at buying a house is the American dream. But this action by the President is more social engineering, that we can't afford. Add this $200 million to all the other millions and bilions of dollars spent every year, to make everyone equal and then remember whose paying the price here. It's the hardworking American taxpayers who are funding these government programs. Small or large, its comes out of my pocket and your pocket.
How will people become responsible citizens if they're given everything? Short answer, they won't.
Absolutely correct. But I don't mind funding this kind of constructive, good for the nation program. I've seen the difference when owner occupants start to outnumber tenants in some crummy neighborhoods, and it's worth the investment. The key is to get rid of the destructive, feel-good stuff like NEA, etc.
I guess you have no agenda in this issue. Yea right. I can read between the lines real well. Securing low interest loans is one thing, using social engineering to make people equal to one another, is wrong.
The 300 pound gorilla that nobody wants to take about and which is at the heart of this initiative is citizenship.
Without proof of citizenship there is usually no conventional loan. This is euphemistically referred to in the article as the difficutly of the purchasing process.
More of 43's pandering to the illegal alien tide engulfing our country.
If we got rid of 50% of the social programs, the genuinely poor elderly could easily have prescriptiion assistance, and we'd still have lower debt.
Maybe it is a cultural thing and evil white people should respect these differences and leave them alone. I think it is totally unfair to expect these wonderful cultures and sub cultures to be forced to act "white".
Hey! I am mad..
You just tell me who says minorities can't buy a home and I will be all over them in a second..
Someone is preventing this? That's outragous!
This is America.. we don't discriminate against people because of, irrelevant, superficial things like color.
"While nearly three-fourths of all white Americans own their own homes, less than half of all African Americans and Hispanic Americans are homeowners..."
It's actually good politics, too. In my experience, homeowners tend to be more conservative and less likely to vote for DemonRATS, while renters tend just the opposite...MUD
Of course, OTOH, if you wanna propose that we cut the Federal Leviathan in half and rid ourselves of this program amongst many others, I'm right behind ya, my FRiend...MUD
This licensed Real Estate Broker says you don't know what you are talking about.