HUD Archives: News Releases

BUSH ADMINISTRATION TAKES INCREASING MINORITY HOMEOWNERSHIP MESSAGE TO CALIFORNIA

LOS ANGELES, CA - Last week, President Bush, Housing and Urban Development Secretary Mel Martinez and Deputy Secretary Alphonso Jackson joined public and private sector housing experts at a national conference discussing the benefits of increasing minority homeownership. Today, Deputy Secretary Jackson and national housing industry representatives carried that message to California and highlighted the efforts of First American Methodist Episcopal (FAME) Renaissance Center, a faith based organization in the south-central area of Los Angeles.

Today's second regional White House event on minority homeownership builds on last week's conference and underscores the importance of public and private partnerships to help meet the President's goal of closing the nation's "homeownership gap." This gap shows minority families continue to own homes at significantly lower rates than the rest of the nation.

"Homeownership inspires civic responsibility and offers children a stable living environment," said Jackson. "President Bush's challenge to increase minority homeownership will transform people's lives and generate economic benefits for families and communities across the nation."

Jackson highlighted a new HUD report entitled Economic Benefits of Increasing Minority Homeownership - this report concludes that adding 5.5 million minority homeowners will stimulate an additional $256 billion in benefits to the housing sector of the U.S. economy.

In his remarks, Jackson mentioned $22 million in "sweat equity" Self-Help Homeownership Opportunity Program (SHOP) grants to help more than 2,000 families become first-time homeowners. These grants will support the work of five regional and national nonprofit organizations to build affordable housing for low-income families.

In his State of the Union address last January, President Bush pledged to help more families, especially minority families, to become homeowners. In June, President Bush issued the "Homeownership Challenge" to increase minority homeownership by 5.5 million by the end of the decade.

The recent White House Conference on Minority Homeownership highlighted solutions to the obstacles minority families face as they pursue the American Dream as well as the considerable social and economic benefits of expanding homeownership opportunities to would-be first time homeowners.

Numerous private and nonprofit organizations joined the Administration in forming The Blueprint for the American Dream Partnership, a collaborative effort to advance the President's goal. This partnership developed a strategy that identifies four areas that must be addressed in order to meet the President's goal including:

• Educating more people in the home buying process;
• Increasing the supply of affordable homes;
• Providing more downpayment and closing cost assistance; and,
• Offering more home financing options for lower income Americans.

The Blueprint for the American Dream outlines each organization's plan to help meet the Administration's challenge.

To read Economic Benefits of Increasing Minority Homeownership or Blueprint for the American Dream visit www.hud.gov.

Joining the Bush Administration in The Blueprint for the American Dream Partnership are numerous private and nonprofit organizations including: The Enterprise Foundation, Fannie Mae, Federal Home Loan Banks, Freddie Mac, Habitat for Humanity International, Local Initiatives Support Corporation, Mortgage Bankers Association of America, National Association of Hispanic Real Estate Professionals, National Association of Home Builders, National Association of Mortgage Brokers, National Association of Real Estate Brokers, National Association of Realtors, National Credit Union Administration, Neighborhood Housing Services of America, Neighborhood Reinvestment Corporation and Sears, Roebuck and Co.

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.

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Content Archived: April 9, 2010