Speaker Hastert Touts Law Closing the Homeownership Gap for Minorities

releases.usnewswire.com ^

[chance33_98]

Speaker Hastert Touts Law Closing the Homeownership Gap for Minorities

10/1/03 5:46:00 PM

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To: National Desk

Contact: Pete Jeffries, John Feehery or Charles Chamberlayne, 202-225-2800, all of the Office of Speaker J. Dennis Hastert; Web: http://www.speaker.gov

WASHINGTON, Oct. 1 /U.S. Newswire/ -- Today, Speaker J. Dennis Hastert (R-Ill.) and U.S. Department of Housing and Urban Development Secretary Mel Martinez joined House Republicans to tout the passage of the American Dream Downpayment Act (H.R. 1276) that will provide $5,000 each to low-income, first time home buyers. The bill, which was approved by the House by a voice vote, will provide $200 million in grant funds to help 40,000 low-income families with the down payment and expensive closing costs in buying a home.

Following the event, the Speaker released the following statement:

"As Speaker, I'm proud the U.S. House is passing this bill to help working families, like Mrs. Susie Dixon who joins us today. Essential to all families, like Susie's, is trying to achieve the American Dream of homeownership. This long overdue initiative provides assistance through $5,000 grants to low income, first-time homebuyers across the country to help with exceedingly difficult down payment and closing costs.

"While more than two-thirds of all Americans own their home, less than half of all African-American and Hispanic families do not. By passing this bill, the Republican House is working with President Bush to close this homeownership gap.

"Also very important is the fact that this bill will help construct 13,000 new homes. According to the Department of Housing and Urban Development, building these homes will create 33,000 new jobs - what a much-needed shot in the arm to our nation's economic recovery and improvement of our local communities. That's a win-win situation for minority homeowners and American workers.

"By passing the American Dream Down Payment Act, we will help empower every community. We will help lift up our African-American and Hispanic Communities. As House Republicans, we recognize the significance this initiative will have to help families already owning a home, but more importantly, how it will help close the homeownership gap for those still trying to achieve this part of the American Dream."

[There's millions of'em]

OK, I take it you are not in favor of this program :)

I totally agree with your statement: "Buying a house is hard, expensive work, both before and AFTER the closing papers are signed .

I also agree that there may be higher failure rates in this program. But, there will certainly be many successes. I guess the key question is: what is the minimum rate of success needed to have this program be a success?

I agree with all your comments about the current foreclosure rates, manufactured housing, taxes and criminal actions of "some minorities". But, without quantification these comments only identify current problems and do not guarantee failure of this program.

The program, as I understand it, is a simple financial assistance. Not much different than the VA loan program that provided for 100% home loans under certain conditions.

So, it should be interesting to see how this program works over the next several years. I wouldn't be surprised to see it expanded significantly if it shows promise.

Besides, I also view it as a masterful move against the liberals and all their failed welfare programs.

[.38sw]

when we run credit checks on prospective tenants, we run into an inordinately high number of college loans which are going unpaid.

Both my husband and I were raised to be responsible, and that includes paying our financial obligations. I'm shocked by people who get student loans (many of them govenment guaranteed, meaning that you and I pay for them) and don't pay them back. So not only are we footing the bill for the deadbeats not paying their student loans back, we are also help others buy their homes! No wonder I've been feeling taken advantage of...

[stickywillie]

former students who are delinquent on their college loans can not recieve a tax refund. I wonder if the Gubmint is going to look at student loan status when providing this help in buying houses?