Date: 2009-06-09
Speaker: GARY G. MILLER (republican)
Chamber: H
State: California

Mr. Speaker. I yield myself such time as I may consume. Mr. Speaker. - the month of June is recognized as National Homeownership Month. On June 3. 2009. I introduced this bipartisan resolution with 12 of my colleagues. including the ranking member. and I would like to thank MAXINE WATERS. As I recall. you have -been here every time on the floor speaking with me. You are an ardent supporter of housing. You understand the benefit of that to communities and how it really helps people who need homes. We are in a tough time. but we need. to acknowledge the importance of homeownership in building strong communities and families. Owning a home is a fundamental part of the American Dream and is the largest personal investment most families will ever make. For millions of American families. homeownership provides an entry into the middle class. and is a key to building wealth. Moreover. in addition to providing financial benefits to individuals. homeownership also helps strengthen communities. Homeowners have a greater stake in the success of their local schools. civic organizations and churches. We have recently experienced significant upheaval in the U.S. housing market which has affected the entire economy. My home State of California in particular has been heavily impacted by the mortgage crisis. with thousands of families losing their homes. Despite all of this occurring in the current housing market. we need to remember that homeownership has historically been .the single largest creator of wealth for most Americans. As someone who has been involved in the housing industry for more than 35 years. I have seen my fair share of housing downturns. From these experiences. I have learned that at a time of stress. it is important to ensure that liquidity continues. to flow to the housing market in order to keep the markets functioning. The loan limit increases for FHA and GSEs included in enacted law are finally providing affordable. safe mortgages for homeowners who were previously forced to resort to risky loans that impaired their ability to keep their home. Additionally. I have also cosponsored the Homebuyer Tax Credit Act. which was introduced by my fellow Southern Californian. KEN CALVERT. to bring stability to the housing market and encourage responsible homeownership. Congressman KEN CALVERTs bill would expand the homebuyer tax credit provisions included in the enacted stimulus bills. During these economically challenging times. it is more important than ever to provide tax relief to hardworking families. In the first quarter of 2009. the homeownership rate was 67.3 percent. It has become more difficult for many people to retain homeownership today. Many families are trying very hard just to be able to make their house payment each and every month. In the past we have seen downturns in the seventies. eighties and nineties. This is probably the most significant one I have ever seen. At this point in time we need to acknowledge that supporting homeownership is a worthy goal of this Congress. and I urge my colleagues to join me in supporting this resolution by voting "yes." Mr. Speaker. I reserve the balance of my time.