# Guest writer : Pursuing the dream Home ownership

##### BY JOHN BOOZMAN SPECIAL TO THE DEMOCRAT-GAZETTE

It has often been said that home ownership is a realization of the
American dream. It is tangible, visible proof that all the hard work,
long hours and heavy lifting has paid off.

Unfortunately, for many Arkansans there is a belief that owning their
own home is a goal that will forever be out of reach. It is time we
change that perception.

While overall home ownership rates are continually on the rise, there is
quite a dramatic difference when home ownership rates are broken down by
demographics. For instance, two-thirds of white Americans own their
homes, but less than 50 percent of minorities own their homes. Closing
this gap has become a priority for President Bush and my colleagues in
Congress.

Under Bush's leadership, Housing and Urban Development Secretary Mel
Martinez created the Blueprint for the American Dream Partnership, which
seeks to create 5.5 million new minority homeowners by 2010. HUD and its
partners hope to achieve the president's goal by providing more
down-payment and closing-cost assistance, creating more affordable
housing options for lower-income Americans and educating more people in
the home-buying process.

In the House of Representatives, we want to help the president and HUD
make the dream of home ownership for millions of low-income Americans
possible. The American Dream Downpayment Act and the Renewing the Dream
Tax Credit Act are just two of the ways we are trying to help the
administration meet our shared objectives.

The American Dream Downpayment Act, which I have co-sponsored and the
administration supports, will enable thousands of low-income Americans
to own their own home by providing downpayment and closing costs to
first-time, low-income home buyers. These upfront costs are major
barriers to home ownership for many families and the assistance provided
by this bill will result in thousands of new homeowners. In fact, the
\$200 million investment will provide on average \$5,000 in grant
assistance to approximately 40,000 families per year.

The Renewing the Dream Tax Credit Act would make a tax credit available
to developers or investors who build or rehabilitate homes for sale to
lowand moderate-income buyers. Oftentimes, the costs associated with
fixing up older homes is greater than what the home would be worth. This
bill seeks to solve that problem by creating a program which allows
states to allocate credit to developers for the construction or
renovation of homes that will in turn be priced at an affordable rate
for low- and moderate-income buyers.

While these bills will help bridge the home ownership gap, we also must
do more to educate people on the homebuying process and the home
ownership opportunities that already exist. Whether it is help with a
down-payment, mortgage rate assistance or special financing for
veterans, there are a number of untapped resources that can help
Arkansans purchase their first homes. We just need to do more to get the
word out.

With this goal in mind, I will be hosting a free forum on affordable
housing from 9:30 a.m. to 1:30 p.m. today, June 21, at Kimmons Junior
High School in Fort Smith. The forum will feature representatives who
cover every aspect of home purchasing.

Lenders and real estate agents, as well as officials from HUD and the
Department of Veterans Affairs, will be on hand to take questions and
provide information on the home ownership programs and opportunities
that are available to Arkansans. Arkansas is growing at an exorbitant
pace. In fact, my congressional district, the 3rd District, is one of
the fastest growing regions in the country. However, with that growth
comes a responsibility. When we ensure that Arkansas' housing needs are
met, we create an environment that is conducive to further growth. When
homes are purchased in Arkansas, people make an investment in our
communities. In turn, crime is reduced and businesses start seeing our
communities as attractive places to invest.

Not only does home ownership help our communities, but it empowers
individual families. Homes provide economic stability and family
stability. Over the years, home values have generally increased, making
it a good investment and a great way for people to build up assets that
can be used for everyday needs, unexpected setbacks and college
education for their children.

This is why home ownership is often considered the realization of the
American dream and why we must provide affordable housing in our
communities. Every Arkansan should have a chance at their own piece of
the American dream.\
\
**This story was published Saturday, June 21, 2003**