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HUD Archives: News Releases
STATEMENT BY ACTING FHA COMMISSIONER ART AGNOS ON PROPOSED NEW HOMEOWNERSHIP LEGISLATION
WASHINGTON - Acting Federal Housing Administration Commissioner Art Agnos issued the following statement on legislation proposed in Congress today called The American Homeownership Act of 1998:
"President Clinton's successful economic and housing policies boosted America's homeownership rate to the highest annual level in our history last year - 65.7 percent of all households. The rate rose to 65.9 percent in the first quarter of this year. Today a record 68 million American families own their homes - 6.2 million more families than when the President took office.
The President's proposed 1999 Budget and other legislation proposed by HUD contains important and proven initiatives to increase homeownership even more. These include: a higher FHA loan limit; the most funding ever to fight housing discrimination; Empowerment Vouchers to enable people receiving housing assistance to become homeowners; and additional funding for a HOME bank, Homeownership Zones, and homeownership counseling. Many of the proposals in the legislation announced today echo programs HUD already has underway or has proposed to Congress.
Introducing eleventh-hour legislation in the closing days of the Congressional session may create news, but it won't create new homeowners. With so few working days left in this session, the best options for expanding homeownership opportunities before Congress adjourns are contained in the President's 1999 Budget and other HUD legislation. These important homeownership initiatives already have the support of dozens of leading advocacy groups and of many members of the Congress from both parties. They have been the subject of multiple Congressional hearings.
The President's proposals would open the door to homeownership to more American families, and would strengthen our economy, create jobs, help revitalize communities and make money for taxpayers. Instead of playing political games with the American Dream of homeownership, it is time to work to make the dream come true."
KEY CLINTON ADMINISTRATION PROPOSALS BEFORE CONGRESS TO INCREASE AMERICAN HOMEOWNERSHIP
Content Archived: January 20, 2009