On the Road Across America
A Daily Journal from the Homeownership Express!

In Chicago, just 37 percent of African-Americans own homes of their own. That's below the average for the city as a whole and falls far short of the national homeownership rate of 68 percent. On Monday, the HUD "Homeownership Express" visited the Englewood neighborhood on Chicago's South Side to learn what the community is doing to turn that statistic around and start more Chicagoland families on the path to homeownership. Fortunately, there is encouraging news to report. HUD Assistant Secretary for Fair Housing and Equal Opportunity Carolyn Peoples joined in a celebration at the local headquarters of the Urban League to help launch Home to Own. This new Freddie Mac initiative aims to boost the numbers of African-American homeowners through educational programs that take the mystery out of homeownership, and financial assistance that reduces the upfront costs of buying a home. Freddie Mac is a member of the Blueprint for the American Dream Partnership, which HUD created in order to meet President Bush's goal of creating 5.5 million new minority homeowners by 2010. "The Bush Administration and its partners are working to make affordable homeownership an option for every family that seeks it. As a result of this commitment, minority families in Chicago who perhaps never considered homeownership an option will become homeowners themselves," said Assistant Secretary Peoples. U.S. Representatives Bobby Rush and Danny K. Davis helped to welcome the bus to Chicago. Congressman Rush took the opportunity to announce that the First Congressional District Housing Task Force will host a "Ten Weeks to Homeownership" conference. The conference will stress the benefits of homeownership to families who are currently paying rents comparable to what a mortgage would cost them. "Today's mortgage rates are at their lowest in over 40 years," said Congressman Rush. "As a result, mortgages can be less than what many South Side Chicago residents currently pay in rent. A $90,000 home is approximately $522 a month. This is solid financial planning." The "Ten Weeks to Homeownership" conference is a part of the "With Ownership Wealth" (WOW) program sponsored by the Congressional Black Caucus Foundation. Others participating in today's Homeownership Express celebration were John Sepulveda, Freddie Mac's Director of Corporate Relations; Andrea Smith, Assistant Commissioner of Communications for the Chicago Department of Housing; James Compton, Chicago Urban League President and CEO; Yasmin Bate, Senior Vice President of the Harris Bank; and Ron Branch of the National Association of Real Estate Brokers. Tomorrow: Meeting the twin goals of creating affordable housing and creating more homeowners in the Twin Cities.

Congressmen (Left) Bobby Rush and (Right) Danny Davis speaking at the Chicago Urban League during Homeownership month. Congressmen Danny Davis and Bobby Rush listen to Assistant Sec Carolyn Peoples as she addresses the Chicago Urban League during Homeownership month. Left to Right: 1. John Sepulveda, Director of Corporate Relations Freddie Mac 2. Andrea Smith, Assistant Commissoner of Communications for the Chicago Department of Housing 3. Congressman Bobby Rush 4. Yasmin Bates Senior Vice President of the Harris Bank 5. Carolyn Peoples HUD Assistant Secretary for FHEO 6. Congressman Danny Davis 7. Ron Branch National Association of Real Estate Brokers.

Content Archived: May 3, 2010