President George W. Bush acknowledges the audience at the conclusion of a conversation on homeownership at the Carpenters Training Center in Phoenix, Ariz., Friday, March 26, 2004. Pictured on stage with the President, from left, are construction foreman Jorge Sotelo, first-time homebuyer Emily McElhaney, first-time homebuyer Monica Sims and Doug McCarron, General President of the United Brotherhood of Carpenters and Joiners of America. White House photo by Eric Draper
The US homeownership rate reached a record 69.2 percent in the second quarter of 2004. The number of homeowners in the United States reached 73.4 million, the most ever. And for the first time, the majority of minority Americans own their own homes.
The President set a goal to increase the number of minority homeowners by 5.5 million families by the end of the decade. Through his homeownership challenge, the President called on the private sector to help in this effort. More than two dozen companies and organizations have made commitments to increase minority homeownership - including pledges to provide more than $1.1 trillion in mortgage purchases for minority homebuyers this decade.
President Bush signed the $200 million-per-year American Dream Downpayment Act which will help approximately 40,000 families each year with their downpayment and closing costs.
The Administration proposed the Zero-Downpayment Initiative to allow the Federal Housing Administration to insure mortgages for first-time homebuyers without a downpayment. Projections indicate this could generate over 150,000 new homeowners in the first year alone.
President Bush proposed a new Single Family Affordable Housing Tax Credit to increase the supply of affordable homes.
The President has proposed to more than double funding for the Self-Help Homeownership Opportunity Program (SHOP), where government and non-profit organizations work closely together to increase homeownership opportunities.
The President proposed $2.7 billion in USDA home loan guarantees to support rural homeownership and $1.1 billion in direct loans for low-income borrowers unable to secure a mortgage through a conventional lender. These loans are expected to provide 42,800 homeownership opportunities to rural families across America.
