For Immediate Release
Office of the Press Secretary
June 9, 2001
Radio Address by the President to the Nation
Listen to the President's Remarks
THE PRESIDENT: Good
morning. This week I marked National Homeownership Week by
volunteering with a local Habitat for Humanity work crew in Tampa,
Florida. I was privileged to work with local volunteers to
help build a home for Johana Rodriguez and her family.
Like all Habitat families, Ms. Rodriguez
contributed her own hard work to her home's
construction. And she takes great pride in the fact that
she'll soon fulfill the American Dream of being a
homeowner. More Americans than ever before are experiencing
that dream. But it still eludes too many
people. For instance, while the rate of homeownership
amongst all Americans is nearly 68 percent, the rate among
African-American and Hispanic families is under 50 percent.
These numbers are troubling because
homeownership lies at the heart of the American Dream. It is
a key to upward mobility for low and middle income
Americans. It is an anchor for families and a source of
stability for communities. It serves as the foundation of
many people's financial security. And it is a source of
pride for people who have worked hard to provide for their families.
We need to do more to promote homeownership in
America. And my administration is proposing a number of ways
to do just that. Our 2002 budget dedicates more than $30
billion to the Department of Housing and Urban
Development. This is an increase of almost $2 billion over
current funding levels. We are working in a variety of ways
to build and sustain neighborhoods in inner-cities and rural
communities across America.
One particular program, the American Dream
Downpayment Fund, will provide $200 million in downpayment assistance
to help 130,000 low-income families buy homes. In addition,
my administration announced earlier this week a program to allow people
who receive low income rental assistance to bundle a year's worth of
payments and use the money for a downpayment, or to make monthly
payments on a new mortgage.
We're also proposing a $1.7 billion tax credit
to support the rehabilitation or new construction of up to 100,000
homes over a five year period. And this week, I was proud to
sign a bipartisan tax relief bill, that will let Americans keep more of
their hard earned money, money they can use to help purchase a new home
or pay the mortgage of an existing home.
Government can play a helpful role, but so
must many others. My administration is dedicated to helping
the private sector organizations, like Habitat for Humanity, that build
homes and lift lives. HUD's Self-help Ownership Opportunity
program provides seed money to groups like Habitat, to purchase land
for homes and build streets and utilities in local
neighborhoods. Next year's budget will propose tripling the
program's funds, to expand its reach.
If you have an opportunity to help Habitat for
Humanity, or other organizations working to make the American Dream a
reality for more families, I hope you do so. Government
funding can help. But Habitat relies on volunteers to
accomplish the bulk of its mission. And I can tell you, from
personal experience, there's no better way to feel like you're making a
difference than to put hammer to nail and help people realize their
dreams.
Thank you for listening.
END
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