Housing accounts for more than 22 percent of U.S. GDP and 21 percent of all household wealth. The chief obstacle to homeownership is the inability of many families to finance the down payment and closing costs. Governor Bush will work to tear down this and other obstacles to homeownership and, thus, to the middle class. One of the biggest obstacles to revitalizing these communities is the gap between the cost of acquiring and rehabbing a home or constructing a new home and the low market prices for homes in distressed areas. Governor Bush believes the government should create incentives for private developers to bridge this gap.
Housing is a local issue and a national priority.
Local government and communities must have local control and flexibility with federal resources. Governor Bush believes the federal government should continue to enforce anti-discrimination laws and maximize the opportunity for homeownership for all Americans. He will also make an existing federal clearinghouse on local regulations more accessible to local communities.