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 Home > News & Policies > Policies in Focus
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Homeownership

President George W. Bush delivers remarks on housing and the economy President George W. Bush delivers remarks on housing and the economy at Ruiz Foods in Dinuba, Calif., Wednesday, Oct. 15, 2003. White House photo by Eric Draper.

Increasing Homeownership

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.


Speeches and News Releases
October 2, 2004
President's Remarks to the National Association of Home Builders
 
August 27, 2004
Expanding Home Ownership
 
March 27, 2004
President Discusses Strong Economy, Homeownership in Radio Address
 
March 26, 2004
Dismantling the Barriers to Homeownership Fact Sheet
President George W. Bush delivers remarks about homeownership at Expo New Mexico in Albuquerque, N.M., Friday, March 26, 2004. White House photo by Eric Draper.
 
March 26, 2004
Federal Housing Commissioner Discusses Home Ownership
John C. Weicher.
 
More News »
Documents
  "A Home Of Your Own: Expanding Opportunities for All Americans"
     PDF version PDF Document
Related Links
  Good for Families, Good for Communities
  Single-Family Affordable Housing Tax Credit
  The American Dream Downpayment Fund
  Self-Help Homeownership Opportunity
  America's Homeownership Challenge
  Modernizing the Homebuying Process
  Empowering Consumers through Education
  Housing and Urban Development


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