[Congressional Record Volume 147, Number 112 (Friday, August 3, 2001)]
[Extensions of Remarks]
[Page E1547]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        CALIFORNIA NEIGHBORWORKS

                                 ______
                                 

                          HON. EDWARD R. ROYCE

                             of california

                    in the house of representatives

                        Thursday, August 2, 2001

  Mr. ROYCE. Mr. Speaker, I rise today to applaud the efforts of 
Freddie Mac, California Bank and Trust (CB&T), Impact Community 
Capital, Neighborhood Housing Services of Orange County (NHSOC) and the 
California Housing Loan Insurance Fund (CaHLIF), for launching a unique 
new statewide public-private homeownership initiative called California 
NeighborWorks. California Neighborworks was designed to help address 
California's affordable housing crisis. Every American dreams of owning 
a home, but because of skyrocketing home prices in California, that 
dream has unfortunately become unattainable for many hard working 
Californian families. In Orange County alone, home prices have 
appreciated by a staggering 45 percent since 1995.
  All the partners involved should be commended for creating an 
innovative and progressive program that is responsive to the mortgage 
needs of Californians. This initiative will help prospective homebuyers 
achieve their goals by reducing initial out-of-pocket costs by as much 
as 80 percent. That means that individuals and families that lack the 
cash to make a large downpayment can take advantage of California 
NeighborWorks to bridge the financial gap.
  This program also helps families with past credit issues by providing 
them with counseling from Neighborhood Housing Services, giving them a 
better education about their credit, their finances and the home buying 
process. And all of this is achieved without burdening taxpayers. 
Instead, NeighborWorks relies on a collaborative effort between the 
private sector and non-profit partners to meet the needs of potential 
homeowners in Orange County and in California.
  Providing new ways to get hard working individuals and families into 
their own homes is truly a worthy objective. It makes them feel good 
about themselves and about the community they live in. I look forward 
to seeing more initiatives like this one in California and to working 
with the NeighborWorks partners in the future.

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