Date: 2004-06-22
Speaker: GARY MILLER (republican)
Chamber: H

this resolution is a testament to the benefits of a strong and robust housing market in this country. A home is more than just the symbol of the American Dream. it is the backbone of the American way of life. Over the past three years. the housing market has driven the national economy. as Americans bought and refifianced homes in record numbers. Many regions were spared the worst of the recent recession due to the strength of some local housing markets. Today. the housing sector directly accounts for about 14 percent of the countrys total Gross Domestic Product. Building a home involves multiple segments of our economy. including builders. bankers. mortgage lenders. realtors. and numerous others. For every 1.000 singlefamily homes built. we see 2.500 jobs created. $75 million in wages earned. and $37 million in tax revenues generated. June is National Homeownership Month and so many of our partners celebrate this because in America. every citizenregardless of race. creed. color. or place of birth--has the opportunity to own a home of their own. And. new homeowners can create wealth for their families for generations to come. while also helping transform neighborhoods and communities. Right now 68 percent of all families own homes. However. the homeownership rate for minorities is around 50 -percent. This must improve. Lagging minority homeownership rates are a serious concern. Minority households are expected to account for twothirds of household growth over the coming decade. Improving the ability of such households to make the transition to homeownership will be an important test of the nations capacity to create economic opportunity for minorities and immigrants and to build strong. stable communities. Last year. the Housing Subcommittee assisted in the successful enactment of 11 housing related bills. Through bipartisan cooperation with Congresswoman KATHERINE HARRIS and Cong. ARTUR DAVIS. Congress and the Administration were able to enact legislation that today is making existing housing programs work better. Of those enacted last year. the American Dream Downpayment Act and the proposal to raise the FHA multifamily loan limits are helping thousands of individuals and families realize the dream of homeownership. I am especially proud of the American Dream Downpayment Act. which will provide $200 million in grants to help homebuyers with the downpayment and closing costs. -Sponsored by Ms. HARRIS and Mr. DAVIS. this bill will assist 40.000 families annually achieve thedream of homeownership and will make available subsidy assistance averaging $5.000. to help lowincome. firsttime home buying families. In an effort to continue the goal the increase minority homeownership. on June 3rd of this year the House Financial Services Committee approved. HR 3755. the FHA Zero Down Payment Act. This bill. introduced by Congressmen -TIBERI and SCOTT. would provide a program to eliminate the downpayment requirement for certain families and individuals who buy homes with FHAinsured mortgages. During the enactment of the American Dream Downpayment Act last year. we learned that the biggest obstacle to homeownership for most families is the inability to save enough cash to meet down payment and -closing costs. HR 3755 is a good bill that represents another important step forward in helping all Americans achieve the dream of homeownership. .In closing. let me say that the federal government. consumers. and the housing industry are linked by our mutual goal of creating housing opportunities for more Americans. We have much to achieve together for the American people. and our best hope of being successful is to work in close concert with each otherguided by. the same high standards and principles -and motivated by the same goals. In that way. we will continue to open up our communities to new opportunities for growth and prosperity.