Secretary Martinez this week signed a Memorandum of Cooperation with his Russian counterpart, Nicolay Koshman, the Chairman of the State Committee on Construction (Gosstroy).

"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," Secretary Martinez said during his remarks at the signing of the MOC with Chairman Koshman.

The two men agreed to share their government's 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 yet another 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.

At the signing Martinez and Koshman said the successful implementation of the accord best serves the long-term interests of both countries.