President George W. Bush hosted a conference focusing on the issue of minority homeownership earlier this month. The one-day event represented a second step in the Administration’s plan to heighten awareness on boosting minority homeownership rates. Titled Blueprint for the American Dream, the conference outlined the Administration’s goal to create an additional 5.5 million minority homeowners within 10 years.
Census Bureau data indicates that minority homeownership rates are lower than the national average. (The national homeownership rate is 74 percent, far beyond the rate of homeownership for black Americans and Hispanics at 48 percent and 46 percent, respectively.) The Bush Administration hopes to close the gap for these groups and has joined with several private-sector organizations to diminish homeownership rate disparities.
Partners in the Blueprint for the American Dream plan include groups such as Fannie Mae, Freddie Mac, Mortgage Bankers Association of America, the National Association of Homebuilders, the National Association of Realtors, the Enterprise Foundation and the Local Initiatives Support Corporation. Panelist speakers at the conference included representation from organizations such as the League of United Latin American Citizens, the National Urban League, and Asian Americans for Equality.
The Blueprint for the American Dream plan charges the Administration’s partners to develop action items to address homeownership challenges for minority families.
The four points of emphasis identified by the Administration include homebuyer education, increasing the supply of affordable homes, downpayment assistance, and offering mortgage finance options. By following the blueprint, the partnership members hope to empower minority homebuyers with the benefits of successful homeownership.
NACo will continue to work with the Administration and members of the partnership to advance homeownership opportunities. At a recent meeting in Washington, D.C., NACo’s executive committee and the executive committee of the National Association of Homebuilders discussed ways to increase access to affordable housing as well as homeownership issues.
NACo also supports federal legislative efforts on Capitol Hill, such as proposals that would increase affordable housing production and tax incentives that would help offset the cost of housing for low-income families. NACo will continue work on these objectives in the 108th Congress.
