March 27, 2004

The Evil Bush Plot to Increase Home Ownership

It will be interesting to see the Democrat's demolish Bush's current action's and plans to put more Americans into their own home.

Our nation's 68 percent homeownership rate is the highest ever, and our government is taking steps to make owning a home a reality for more Americans, especially minorities and those with low incomes. In June 2002, I set the goal of adding 5.5 million new minority home owners in America by the end of this decade. Since then, more than 1.5 million minority families have moved into houses of their own. And for the first time, most minorities own their own home.

We are building on this progress. I have signed into law the American Dream Down Payment Act, which will help low-income Americans to afford the down payment and closing costs on their first home. I'm asking Congress to provide an annual $200 million for this program. That additional money would help an estimated 40,000 low-income families every year become first-time homeowners. I'm proposing that we make zero down payment loans available to first-time buyers whose mortgages are guaranteed by the Federal Housing Administration. And this will help about 150,000 families buy homes in the first year alone.

Another obstacle to homeownership is the often complicated process of buying a home and getting a loan. My budget for 2005 would more than double funding for housing counseling services from 2001 levels.

A house and a mortgage represent a big personal commitment, and we want to prepare more Americans to make that commitment with confidence. To make homeownership attainable for more of our citizens, I have asked Congress to create a tax credit to encourage the construction of affordable homes. Under my proposal, builders will have an incentive to provide an additional 200,000 affordable homes over five years for families with low incomes.
--- President Bush's Weekly Radio Address Emphasis Added

Let's see.
1) Add 5.5 million new minority home owners. 1.5 million already done.
2) Aid on down payment and closing costs. Add $200 million to the fund. Net increase of 40,000 minority or low income home owners per year.
3) Zero down-payment loans to first-time buyers backed by the FHA. 150,000 families in their own home in first year.
4) Double the funding for home-buying counseling services
5) Tax incentives to create 40,000 low income homes per year.

What will be the Kerry campaign response to this? Perhaps he can spin in a promise to so increase taxes on those earning more than $200,000 a year to buy everybody making under $40,000 a year a new house.

It would be an upgrade on the 'chicken in every pot' promise. "Elect Kerry and it will be new houses on the house."

Posted by Vanderleun at March 27, 2004 12:54 PM | TrackBack
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