Posted on 06/16/2002 6:31:16 AM PDT by SBeck
Bush Touts Low - Income Homes Plan
By THE ASSOCIATED PRESS
CRAWFORD, Texas (AP) -- President Bush pitched a plan to make it easier for black people and Hispanics to become homeowners through government incentives and grants to help on down payments.
In his weekly radio address Saturday, the president said he wants to remove obstacles ``that prevent minorities from owning a piece of the American dream.''
Bush noted that while three-quarters of white Americans own their own homes, fewer than half of all black and Hispanic Americans are homeowners.
``We must begin to close this homeownership gap by dismantling the barriers that prevent minorities from owning a piece of the American dream,'' said Bush, spending Father's Day weekend at his own home on his Texas ranch.
Bush has proposed giving developers almost $2.4 billion in tax credits over five years for building affordable single-family homes in low-income areas. The White House estimates the tax incentive could translate into construction of 200,000 lower-cost homes in the period.
Addressing his radio audience, Bush proposed a $200-million expansion to the American Dream Down Payment Fund, first outlined in January and awaiting action by Congress. It would provide grants to help about 40,000 families a year pay down payments or closing costs on houses. Most grants would be less than $5,000. The money would be distributed by state and local housing programs.
The radio address was a preview of a speech Bush is to make Monday in Atlanta to promote his broad housing agenda, which he summarized as ``empowering people to help themselves and to help one another.''
Bush plans a stop at south Atlanta's Pryor Road area, where housing development is replacing dilapidated and crime-ridden strip malls.
The program currently has a budget of $50 million and is to begin offering grants in July.
``The single greatest hurdle to first-time homeownership is a high down payment requirement that can put a home out of reach,'' Bush said Saturday. ``When a low-income family is qualified to buy a home but comes up short on the down payment, the American Dream Down Payment Fund will help provide the funds.''
Bush also urged better consumer education to help would-be buyers avoid pitfalls that often arise to obtaining affordable mortgages.
``Education is the best protection for families against abusive and unscrupulous lenders,'' Bush said.
``Financial education and housing counseling can help protect home buyers against abuses, greatly improve the loan terms they are offered and help families get through tough times with their homes intact.''
---max
If not for LBJ's great society black home ownership would be much higher as well. After all you cant own a home if you want to collect welfare, food stamps, have your apartment bill paid, etc, etc.
A friend of mine needs a liver transplant and he cannot work to support his family because of his illness. He had to sell his home because he was denied benifits because of the home ownership bit. Meanwhile his neighbor just down the street rents a house, collects welfare, rent is paid and they drive a cadillac.(he drives a old beater) He rants and raves about this every time I see him.
All the new bush supporters from mexico are going to need someplace to live.
conservative my ass.
I think it's a little of both, and as usual, another political salvo fired by GWB.
It's got to be difficult for Gephart, Daschle et al to sell minorities on how the Republicans hate them when the other guy is trying to help you buy a house. And while I agree that we really don't need any more grants, tax breaks for builders and construction companies, or for that matter, tax breaks for anybody is always a good thing.
He's already got the Dems in knots trying to figure out how to attack the welfare/marriage plan. Can't wait to see how they plan to attack this.
"Don't fall for it, stay in the slums!" Yeah, that's sure to be a winner.
Except for 9/11 and related matters, GWB is a rather mediocre President to this point.
Doesn't seem to bother most of the conservatives here. Must be why there are so few comments on either thread.
I will find the words before the next election.
I gave $700 to Bush's campaign - first time I've given a candidate anything. And while I hate to admit it, so far all I've gotten back is permission to lick his boots.
I think blacks tend to own homes in lower percentages than whites due to income differences. The solution? Stop de-valuing an education, stay out of prison, get a job, and work to make enough money to buy a house. (BTW - at 44, I don't own a house...)
If there was reason to believe blacks didn't own homes because vicious whites wouldn't sell to them, then there would be reason for the government to get involved. In the absence of any evidence, this is just using my taxes to buy houses for people who don't pay taxes. And that is wrong.
I've gone from a hard-core GWB fan to not knowing if I'll vote in 2004. But I don't think Rove cares - he figures he can buy more votes than he'll lose from conservatives. Maybe he's right - but I have no respect for a Republican who betrays principle like that!
I'm with you. I was so relieved when Bush won, but one disappointment after another is taking it's toll as far as I'm concerned.
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