Date: 2002-06-17
Speaker: EDDIE BERNICE JOHNSON (democrat)
Chamber: H
State: Texas

Madam Speaker. I rise today in support of H. Con. Res. 415. As we commemorate National Home Ownership Month throughout the month of June. it is the perfect time to remember that nothing sustains the American dream like owning a home. Home ownership is an essential tool for strengthening our communities and allowing more Americans to accumulate wealth. Homes are where our Nations families grow. where lives are shaped and where decisions are made. It is essential that we work to increase the ranks of homeowners in every community across this country. and in particular among members of the AfricanAmerican community. whose home ownership rates have traditionally lagged far behind other groups. According to the 2000 census. AfricanAmericans recorded a $27.910 median household incomethe highest ever recordedwhile recording recordlow poverty rates. In 2001. it was estimated that the total income for AfricanAmericans exceeded $565 billion. and more than half of AfricanAmerican married couples had incomes of at least $50.000. Yet. according to the U.S. Department of Housing and Urban Development. only 48 percent of AfricanAmericans own homes. compared to 74 percent of white families. And. in a recent study. 36 percent of AfricanAmericans believed that access to capital was their greatest barrier to owning a home. These statistics show that many families of color are unable to capitalize on the benefits that home ownership provides. For far too long minority communities have been left out of the home ownership process. Though the number of AfricanAmerican homeowners has increased by more than 20 percent in the last decade. too many people of color are missing out on the power of home ownership because theyve fallen prey to decades of unfair lending practices. lack of savings or lack of affordable housing. As we all know. without proprietorship we have no power. This is whey we must take responsibility to ensure that our families can prosper through the benefits of owning a home. That is why the Congressional Black Caucus Foundation created the "With Ownership. Wealth" initiative to promote access to lending and home ownership education and resources for people of color. This initiative is one way that the CBCF is letting people know the importance of home ownership and connecting those people with the funding sources that can make that dream a reality. Since its inception. the Congressional Black Caucus has championed equality for all. and the WOW initiative is merely an extension of our fight to ensure that all Americans will have the opportunity to experience the prosperity that is felt by too few. Combined with the CBCs agenda to increase the Nations home ownership rates. this program will serve to develop the allinclusive America of which we have only dreamt for far too long. I applaud the Congressional Black Caucus Foundation. under first the extraordinary leadership of Congresswoman EVA CLAYTON and now the groundbreaking leadership of Congressman JEFFERSON. for helping us forge ahead with this incredibly important initiative which will help all Americans realize the American dream. We still have much work to do to educate consumers about the valueand the responsibilityof owning a home. but I am pleased that more resources are available than ever before to assist potential homebuyers in making this first step toward acquiring wealth. When we give people the right tools to purchase a home. we put them on a road to financial success. America is only as strong as it communities. and communities are only as strong as the families that live within. Home ownership is part of the foundation of a stable family. It provides a base for marriages to grow. a safe environment for children to learn. and the center through which families bond. Just as importantly. home ownership is the first step to wealth acquisition. and a primary mechanism for building a family asset base.