HUD Archives: News Releases

MARTINEZ HIGHLIGHTS PRESIDENT BUSH'S INITIATIVE TO EXPAND HOMEOWNERSHIP OPPORTUNITIES
Hails public-private partnership that built Tucson single-family housing development

TUCSON, Ariz. - U.S. Housing and Urban Development Secretary Mel Martinez today praised the Sunland Vista Estates single-family housing development as a sterling example of what the public and private sectors can do when they work together to build affordable housing for minority families.

Sunland Vista Estates, a 65-house development located in a heavily Hispanic area of Tucson, is the result of a cooperative effort by HUD, Freddie Mac, United Housing, a Hispanic non-profit that built and developed the property; Chicanos por la Causa, a HUD-approved housing counseling agency; and the real estate and mortgage banking industries.

Martinez toured the development's model home as part of National Homeownership Month proclaimed by President Bush.

"Earlier this week, the President set a goal to help increase the number of minority homeowners by 5.5 million by the year 2010," Martinez said. "Despite a record homeownership rate of 68 percent for the population at large, we have a homeownership gap among Hispanic, Africa-American and other minority families. The President and HUD are intent on changing that equation and raising the minority homeownership rate because homeownership strengthens families, strengthens communities and is critical to the country's economic health."

Homeownership among Hispanics nationally stands at 47.3 percent and at 47.7 percent for African-Americans, compared to 74.3 percent for the white, non-Hispanic, population.

Martinez was joined on the tour by Leland C. Brendsel, chairman and chief executive officer of Freddie Mac, one of the nation's leading mortgage finance companies.

"Freddie Mac is pleased to be here today with Secretary Martinez to support the President's call to increase minority homeownership," Brendsel said. "'Catch the Dream Tucson' is a good example of how Freddie Mac is working with national and local partners to dismantle the barriers that impede minority homeownership and build strong communities one family at a time."

"Pima County is proud to be a part of this partnership that is designed to increase Hispanic and minority homeownership," said Pima County Supervisor Richard Elias. "The Freddie Mac initiatives in conjunction with Catch the Dream Tucson will bring security, peace of mind and future wealth to the families that become homeowners."

The Sunland Vista Estates development is part of Freddie Mac's $50 million Catch the Dream Tucson minority homeownership initiative in the six incorporated jurisdictions of Pima County, including Tucson. HUD provided an $83,995 grant to United Housing for down payment assistance through its Home Investment Partnership Program (HOME) program and Community Development Block Grants (CDBG) totaling $65,000 to Chicanos por la Causa through the city.

Other participating partners include the Bank of America, Wells Fargo Home Mortgage, United Housing Education and Development Corp., Family Housing Resources, Industrial Development Authority of Pima County, National Association of Hispanic Real Estate Professionals, Tucson Association of Realtors, Southern Arizona Home Builders Association, and local homebuilders.

Secretary Martinez also highlighted other Bush Administration initiatives that the President announced earlier this week, which will include: 1) the American Dream Downpayment Fund, aimed at helping 40,000 families each year with down payment cost, including 1,526 eligible families in Illinois; 2) a single-family tax credit; 3) a housing counseling program to help families through the home buying process and to educate them against unscrupulous lenders.

HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities, creating affordable housing opportunities for low-income Americans, supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet.

Content Archived: April 9, 2010