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- November 3, 2011 at 8:37 am #374619AnonymousInactive
Bush Announces Plan to Increase Home Ownership for Minorities
DINUBA, CA President Bush, while meeting with homeowners and small business owners at Ruiz Foods on Wednesday, unveiled a plan that will help first time homebuyers with their down payments and streamline the home buying process. The president’s plan also sets a national goal to dramatically increase home ownership among minorities.
“Our economy is growing. Last month, we had an increase in net new jobs,” Bush said. “The after-tax incomes of people are going up. And low interest rates have encouraged a housing boom here in America — and that’s good, that’s good.”
“And even though home ownership is at near-record highs, we’ve got too many of our fellow citizens who happen to be minorities who don’t own a home,” the president added. “75 percent of the Anglos in America own a home; the minority home ownership in America is below 50 percent.”
The president noted that there were 809,000 new minority homeowners last year and he set a national goal of 5.5 million new minority homeowners in the next decade. The House has already passed his request for $ 200 million to assist prospective homeowners with their down payments, and the measure is now stalled in the Senate.
“The Senate needs to act,” said Bush. “If they’re interested in closing the minority home ownership gap, they need to act on the down payment fund.”
A fact sheet released by the White House Press Secretary’s office noted that according to a study in 2002 by HUD, meeting the president’s goal to close the gap will involve $ 256 billion in economic activity in the form of construction and remodeling jobs, spending on household goods, and other benefits.
The president’s plan would also increase the funding for programs that would counsel prospective home buyers about the intricacies of buying a home for the first time.
“It’s obviously a big deal when somebody purchases a home, but it’s confusing,” Bush said. “People get nervous about it. And so we need more counseling and more education to make sure our fellow citizens know what it means to buy a home and can get comfortable with the idea of buying a home.”
“And so we’ve doubled the amount of money available for community-based programs, faith-based programs — to be able to brief their parishioners and/or their fellow citizens about the opportunities and the hope and what it takes to be able to purchase a home.” He added.
President Bush is also pushing for the simplification of paperwork involved in buying a new home.
“A lot of people thinking about buying a home and all of a sudden they take a look at the fine print and it kind of makes you nervous when you see a thick pile of paper with fine print,” President Bush said. “So not only do we need to have counseling and education, but we’ve got to make sure the forms are more simple so that people know what they’re doing.”
“We’ve overcome attacks and recessions and corporate scandals,” Bush concluded. “But there’s no doubt in my mind that because of who we are and who we — what we stand for, this nation can not only overcome challenges, but we’ll do our duty to make sure America is as hopeful and secure for every person who is fortunate enough to live in this land.”
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