[Congressional Record Volume 143, Number 82 (Thursday, June 12, 1997)]
[Senate]
[Page S5636]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      NATIONAL HOME OWNERSHIP WEEK

 Mr. SARBANES. Mr. President, this week we mark the second 
anniversary of the National Home Ownership Week. I rise to join with my 
constituents and citizens across the Nation to celebrate the efforts to 
promote and expand the rate of home ownership in this country.
  It is my view that home ownership activities foster and encourage the 
revitalization of neighborhoods. Home ownership stabilizes local 
communities by providing families with a renewed sense of civic 
responsibility and commitment to the well-being of their neighborhoods. 
In addition, home ownership is one of the single most important 
vehicles for personal financial growth and wealth accumulation. New 
home ownership encourages investment and job growth in areas where such 
investment has been lacking. While a majority of Americans today are 
homeowners, many moderate and low income families are unable to 
overcome the economic barriers to owning a home. The National Home 
Ownership Week is part of the national strategy to make the dream of 
home ownership a reality for these families.
  Study after study has demonstrated that many families with high 
enough incomes to buy homes and who may, in fact, be paying as much in 
rent as they would be in mortgage payments, are locked out of home 
ownership because they cannot generate the down payment or closing 
costs necessary. Helping families to surmount those barriers, and then 
providing them with mortgages at affordable rates so that they can 
become home owners, means moving those families toward long-term 
economic security. Therefore, it is imperative that we work to increase 
the availability of credit and affordable mortgages for moderate and 
low income families who labor to own their piece of the American dream.
  The number of local events being held across the country to celebrate 
National Home Ownership Week now exceeds 600. In my state of Maryland, 
I had the privilege of attending an event in Wheaton, MD, to announce 
the ``Home Ownership Montgomery'' initiative as part of this week's 
celebration of home ownership activities. I was proud to stand with 
representatives from the Montgomery County Housing Opportunities 
Commission, the county government, Fannie Mae and other dedicated 
housing advocates. As part of the strategy to increase the number of 
Maryland home owners, Montgomery County has partnered with Fannie Mae 
to make millions of dollars of low interest loans available to low 
income families who need assistance with closing costs and mortgage 
payments. It is my hope that these efforts and numerous others will 
increase the current home ownership rate in Maryland from 65.9 percent 
to 67.5 percent, the national goal set by the National Partners in Home 
Ownership.
  The success of National Home Ownership Week is made possible by many 
innovative public-private partnerships. In this age of shrinking 
Federal resources, partnerships have leveraged funds to support 
millions of dollars in home ownership activities. National 
organizations such as the Local Initiatives Support Corporation and the 
Enterprise Foundation, local nonprofits and for-profits such as 
Interfaith Housing of Western Maryland, and local governments have 
developed thousands of homes for low income families. I salute these 
combined efforts to rebuild local communities. At the same time, we 
must not forget that federal funding for affordable housing assistance 
and homeless individuals has been on the decline. The dream of home 
ownership is a dream that many families of varied incomes desire. It is 
my hope that National Home Ownership Week will not only help to raise 
the awareness of the need for increased home ownership, but at the same 
time, heighten the public's consciousness of the benefits of providing 
affordable housing for all families.

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