[Congressional Record Volume 144, Number 83 (Tuesday, June 23, 1998)]
[House]
[Page H4972]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    HOME OWNERSHIP OPPORTUNITIES FOR LOW-INCOME FAMILIES IN EL PASO

  (Mr. REYES asked and was given permission to address the House for 1 
minute.)
  Mr. REYES. Mr. Speaker, I rise today to speak about an innovative 
program which provides remarkable home ownership opportunities for low-
income families in El Paso. The Lower Valley Housing Corporation of El 
Paso has helped more than 300 families in my district. These are 
families with an average annual income of $13,000 or less, and it helps 
them to acquire their first homes through a private and public 
construction financing program.
  Working with the USDA's Rural Development Fund, families pre-qualify 
for financing without down payments by agreeing to provide sweat 
equity. Each family is required to work on the construction of their 
homes and also their neighbors' by providing at least 65 percent of the 
labor.
  Because of these do-it-yourself contributions, these homes cost only 
one-third of what the normal construction costs would be. The result is 
a move away from an expensive apartment rental to the pride of home 
ownership where families have equity and affordable payments as low as 
$300 a month for a $42,000 home.
  This program is a model for the Nation. Families build strong 
communities, celebrate home-building skills and gain the pride of home 
ownership.

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