Despite increases in homeownership among minority families, a new Bush Administration analysis shows that a large gap still exists between minority and white households. The report identifies the multiple barriers to homeownership faced by minority families and outlines steps the Bush Administration is taking to eliminate them, including a total of $2.7 billion in housing initiatives that will help more than 333,000 low- and moderate-income families own their own homes.

Secretary Martinez released the report, Barriers To Minority Homeownership, on Monday as he and President George W. Bush visited an Atlanta neighborhood that is being revitalized. The HUD report is based on updated statistics from the U.S. Census Bureau. The analysis shows that since 1994, when the black homeownership rate was 27.5 percentage points below the rate of whites and the Hispanic rate was 28.8 percentage points below, only small gains have been made. By 2001 the gap had been reduced by just 1.6 percentage points for African-Americans and 1.8 percentage points for Hispanic households.

On Saturday, June 15th, President Bush devoted his Radio Address to the Nation to the barriers faced by minority homeowners. "Today, while nearly three-quarters of all white Americans own their homes, less than half of all African Americans and Hispanic Americans are homeowners. We must begin to close this homeownership gap by dismantling the barriers that prevent minorities from owning a piece of the American dream," the President said.

"Our analysis shows that many minority Americans face significant barriers to homeownership, from saving money for a down payment, to unnecessary local regulation, to continued housing discrimination," said HUD Secretary Martinez. "The American Dream should be more than just a dream for America's minorities," he added. "Through our commitment and the President's initiatives we will help more minority families make the American Dream a reality."

HUD's analysis identified five significant barriers that prevent minority families from becoming homeowners. Those barriers include:

• Lack of capital for the down payment and closing costs, often the single greatest barrier to homeownership;
• Lack of access to credit and poor credit histories, which means more minority families are rejected for a mortgage loan or given loans with high interest rates;
• Lack of understanding and information about the homebuying process, especially for families for whom English is a second language;
• Regulatory burdens imposed on the production of housing - zoning, land development and site planning, building codes - and when barriers are intentional through the "Not In My Back Yard" syndrome; and
• Illegal housing discrimination.

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Where ever you live, if you want to learn more about how to own your own home, visit HUD's National Homeownership Month page. You can get valuable information in English or Spanish - and begin to live your own American Dream!

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President George W. Bush will address HUD employees regarding the important work we do to help Americans achieve the dream of homeownership. The President will speak to employees today in the cafeteria of the Weaver building. While we encourage employees to attend this historic event, seating is limited and will be done on a first-come, first-serve basis.

Seating for the actual event will begin at 8 a.m. - all those who wish to attend must be seated by 9:30 a.m. (Doors will be locked at 10:00 a.m.) Once you have passed through security and entered the cafeteria you will NOT be permitted to exit until the event has ended - approximately 11:00 a.m. Note: There are no restrooms in the cafeteria. No bags, purses, coats or backpacks will be permitted.

The event will be webcast as well as carried live on HUD TV and replayed throughout the day for all those employees unable to attend.