NCUA Chairman Johnson Says
America’s Credit Unions
Are Making the American Dream a Reality for Members
Homeownership at all-time high record-setting levels
Washington, September 28, 2004 – America’s credit unions are providing the on ramp of opportunity for more Americans to seize their American Dream through economic empowerment, says National Credit Union Administration (NCUA) Chairman JoAnn Johnson.
In remarks at the National Association of Federal Credit Unions’ Congressional Caucus meeting, Chairman Johnson commended credit unions for their efforts to turn “renters into homeowners” and empower members to achieve “their American Dream of homeownership and financial self-sufficiency. In 2003, the number of homeowners increased by 1.7 million as the number of renters declined in the United States by over 1 million families.”
According to the U.S. Department of Housing and Urban Development, the national homeownership rate in the second quarter of 2004 reached an all-time high of 69.2 percent. Single-family housing affordability is at its highest level in 30 years, and total minority homeownership set a new record-high of 51 percent. Also, Hispanic homeownership has continued a steady increase to 47.4 percent.
NCUA is a Blueprint Partner as part of the White House Initiative to Increase Minority Homeownership. The President challenged the Nation to create 5.5 million new minority homeowners by the end of the decade. Additionally, the Administration has set an additional goal of 7 million new affordable homes.
“Credit unions are making real progress in transforming these folks from being renters to homeowners,” said Chairman Johnson. “It is virtually impossible for anyone to become a homeowner without first having access to affordable financial services.”
“While we have more to do, together, we’ll continue to empower a positive difference for families from all walks of life.”
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