[Congressional Record Volume 150, Number 87 (Tuesday, June 22, 2004)]
[House]
[Pages H4669-H4674]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
RECOGNIZING NATIONAL HOMEOWNERSHIP MONTH
Mr. GARY G. MILLER of California. Mr. Speaker, I move to suspend the
rules and agree to the resolution (H. Res. 658) recognizing National
Homeownership Month and the importance of homeownership in the United
States.
The Clerk read as follows:
H. Res. 658
Whereas the President of the United States has designated
the month of June as National Homeownership Month each of the
last two years and will do the same in 2004;
Whereas the national homeownership rate in the United
States has reached a record high of 68.6 percent and, for the
first time, more than half of all minority families are
homeowners;
Whereas the people of the United States are one of the
best-housed populations in the world;
Whereas owning a home is a fundamental part of the American
dream and is the largest personal investment many families
will ever make;
Whereas homeownership provides economic security for
homeowners by aiding them in building wealth over time and
strengthens communities through a greater stake among
homeowners in local schools, civic organizations, and
churches;
Whereas improving homeownership opportunities requires the
commitment and cooperation of the private, public, and
nonprofit sectors, including the Federal Government and State
and local governments; and
Whereas the current laws of the United States encourage
homeownership and should continue to do so in the future:
Now, therefore, be it
Resolved, That the House of Representatives--
(1) fully supports the goals and ideals of National
Homeownership Month; and
(2) recognizes the importance of homeownership in building
strong communities and families.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
California (Mr. Gary G. Miller) and the gentleman from Georgia (Mr.
Scott) each will control 20 minutes.
The Chair recognizes the gentleman from California (Mr. Gary G.
Miller).
General Leave
Mr. GARY G. MILLER of California. Mr. Speaker, I ask unanimous
consent that all Members may have 5 legislative days within which to
revise and extend their remarks and insert extraneous material on this
resolution.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from California?
[[Page H4670]]
There was no objection.
Mr. GARY G. MILLER of California. Mr. Speaker, I yield myself such
time as I may consume.
Mr. Speaker, today I rise to celebrate homeownership in America. As
part of this homeownership initiative, President Bush is expected to
designate June, 2004, as National Homeownership Awareness Month, as he
has the past 2 years. To complement this designation, I have introduced
House Resolution 658 to recognize National Homeownership Month and the
importance of homeownership in the United States.
This resolution expresses a sense of Congress and the U.S. House of
Representatives that we, one, fully support the goals and ideals of
National Homeownership Month, and, two, recognize the importance of
homeownership in building strong communities and families.
Now is a great time to talk about the American dream of homeownership
because for the past 3 years the housing industry has been the pillar
of our economy. The housing and refinance market helped keep our
recently struggling economy moving until the rest of the economy was
able to accelerate. National housing generates more than 22 percent of
the Gross Domestic Product and accounts for nearly 40 cents of every
dollar spent.
America's housing market is the envy of the world. We enjoy the
lowest interest rates and the highest homeownership rate of any
developed nation. In fact, the national homeownership rate in the
United States has reached a record high of 68.6 percent, and for the
first time, more than half of all minority families own homes.
Homeownership is the single largest creator of wealth for most
Americans. It is a key to promoting long-term economic stability for
citizens and nations. For these reasons it is imperative we maintain a
strong housing market.
There are many components involved in helping people achieve the
dream of homeownership. We need land to build on, developers to prepare
the land, architectural plans and building materials, builders and
contractors to construct the home, certainty on who owns what and how
much it is worth, and available credit. We need to work to make sure
that each component can work and that government helps rather than
impedes the process.
As many of the Members know, I have been a home developer for over 30
years. I know all too well the impact of regulatory barriers at all
levels and the cost of homes. When I came to Congress, I made it my top
priority to highlight federal policies that have hindered the
availability of housing in this country and to find ways for government
to positively impact homeownership in America.
I firmly believe that Congress must help cultivate an environment
where more Americans can turn the dream of homeownership into reality.
I am pleased that the President, in partnership with Congress, has made
it his priority to ensure that government does something positive to
foster homeownership. The administration is committed to finding ways
to increase homeownership particularly among minorities and has set
forth an ambitious agenda for HUD, focused on building on the progress
that work and finding innovative ways to reform those in need of
improvement.
To focus more attention on the need of regulatory reform, HUD
launched in June, 2003, America's Affordable Communities Initiative, a
department-wide effort to help communities across America identify and
overcome regulatory barriers to affordable housing. I commend HUD for
its commitment to work with States and local communities to reduce
regulatory and institutional barriers to the development of affordable
housing. I look forward to continuing to work with the administration
and Congress to address our Nation's housing needs.
I urge my colleagues to support House Resolution 658, which expresses
the U.S. House of Representatives' dedication to forming policies that
will help ensure every American family realizes the dream of
homeownership.
Mr. Speaker, I reserve the balance of my time.
Mr. SCOTT of Georgia. Mr. Speaker, I yield myself such time as I may
consume.
First of all, I want to thank the gentleman from California (Mr. Gary
G. Miller) for his sterling leadership on this issue and for this piece
of legislation as we recognize June as National Homeownership Month.
Today the House takes up this important housing resolution to
recognize National Homeownership Month and the importance of
homeownership in the United States. In addition to the gentleman from
California (Mr. Gary G. Miller), I certainly want to recognize and
thank the gentleman from Ohio (Mr. Oxley), our distinguished chairman
of the Committee on Financial Services, for his leadership; the
gentleman from Massachusetts (Mr. Frank), our ranking member; the
gentlewoman from California (Ms. Waters), our ranking member on the
Housing and Community Opportunity Subcommittee; and the gentleman from
Ohio (Mr. Ney), our chairman on the Housing and Community Opportunity
Subcommittee.
Mr. Speaker, homeownership is a dream that millions of Americans
strive to achieve every year. Our national homeownership rate has risen
dramatically during the past 50 years and now stands as a record 68.8
percent. This is an extraordinary accomplishment that all Americans
should be very proud of.
But in the midst of this record housing boom, there are yet millions
of American families, particularly low-income families and minority
households, who have been left behind and unable to make this dream a
reality.
So as we celebrate June as National Homeownership Month, this
Congress must seize on opportunities to help more Americans reap the
benefits of owning their own home.
I will just enter into the Record this article from the front page of
my home newspaper, the Atlanta Journal Constitution, yesterday, which
is headlined ``Black Women Find Places of Their Own,'' written by Janet
Frankston, an Atlanta Journal Constitution staff writer. And it starts
with this story that I think is very appropriate as we start this. It
says: ``The day before she closed on her three-bedroom house, Thommi
Odom couldn't eat. `Even at the day of closing, I was physically sick,'
said Odom, a 30-year-old information technology manager originally from
Savannah. `Just the whole process, knowing I'm ultimately responsible,
was very scary.'
``Now, more than 5 years later, Odom has tripled her income and is
looking for her second house, an upgrade from her 2,036 square foot
home in Lithonia. And now she's not even blinking at the finances.''
She is building wealth, but it started with the purchase of a home.
America's families and neighborhoods and our national economy all
prosper from homeownership. Homeownership enables families to build
wealth that transcends generations. Homeownership transforms
neighborhoods into centers of civic engagement and community strength,
and housing is a vital part of the national economy, accounting for
about 14 percent of the gross domestic product. Indeed, it is housing
that has played an essential role in the economy and the economic
recovery over the last 2 years, creating new jobs and serving as an
engine of economic growth.
And there is such great news from my home area of metro Atlanta,
which I represent. And I represent 11 counties, and of those 11
counties, eight of them are among the fastest-growing counties in terms
of homeownership in this Nation. The number of African American
homeowners, for example, has increased by 97 percent in the 1990s; yet
there is a lot of work to do with African American homeownership that
is fluctuating as we speak.
For Hispanics it increased 258 percent, and for Asians it increased
241 percent. These numbers compare to an increase of 38 percent for
white homeowners. From 1997 to 2002, conventional mortgage loans to
African American women increased by 114 percent.
Clearly, the homeownership gap is closing, and this Congress should
be proud of the work that we are doing. But there is much more work to
do. We must pass the Financial Literacy Act, which I introduced, and I
am working with the gentleman from Ohio (Chairman Oxley) and the
gentleman from Ohio (Mr. Ney), subcommittee Chair; and the gentleman
from Massachusetts (Mr. Frank) and the gentleman from Pennsylvania (Mr.
Kanjorski).
[[Page H4671]]
The House of Representatives can take an important step to expand
homeownership opportunities by also passing H.R. 3755, the Zero
Downpayment Act of 2004. This legislation, which I introduced with the
gentleman from Ohio (Mr. Tiberi), would help thousands of families get
into homes by helping them overcome one of the top obstacles of
homeownership: assembling the necessary funds for a down payment.
H.R. 3755 enjoys strong bipartisan support and passed by the House
Committee on Financial Services by voice vote. By swiftly passing this
legislation, the House will be paying fitting tribute to National
Homeownership Month by helping thousands join America's ownership
roster.
[From the Atlanta Journal-Constitution, June 21, 2004]
(By Janet Frankston)
The day before she closed on her three-bedroom house,
Thommi Odom couldn't eat.
``Even at the day of closing, I was physically sick,'' said
Odom, a 30-year-old information technology manager originally
from Savannah. ``Just the whole process--knowing I'm
ultimately responsible--was very scary.''
Now, more than five years later, Odom has tripled her
income and is looking for her second house, an upgrade from
her 2,036-square-foot home in Lithonia. And she's not even
blinking at the finances.
``Making the payments is easy,'' she said, sitting in her
living room with a group of black girlfriends who are also
homeowners. ``The maintenance is difficult.''
In 2003, unmarried women were nearly twice as likely to buy
homes as unmarried men. Single women make up the second-
largest group of homebuyers, according to a nationwide survey
by the National Association of Realtors. In metro Atlanta,
Odom's demographic, single African-American women represent a
particularly fast-growing group.
From 1997 to 2002, conventional mortgage loans to black
women increased in 114 percent in metro Atlanta, a draw for
middle-class blacks from across the nation. That growth
greatly outpaced mortgage loans to white men and white women,
which increased in the region by 35 percent and 26 percent,
respectively. Mortgage growth in the region was highest among
single black men, but they bought fewer homes than single
black women.
Women are buying homes as they gain access to more and
better-paying jobs. They like the tax advantages and want to
start building wealth. And they benefit from a societal shift
that accepts their marrying later or not at all. That shift
is especially prevalent among black women, 64 percent of whom
reported being single in the most recent nationwide census
survey.
Mr. Speaker, I reserve the balance of my time.
Mr. GARY G. MILLER of California. Mr. Speaker, I yield 2 minutes to
the gentleman from Georgia (Mr. Isakson).
Mr. ISAKSON. Mr. Speaker, I thank the gentleman from California for
his leadership on this resolution and the gentleman from Georgia for
his support.
America is a great country for a lot of reasons, but amongst the most
important is the wide distribution and ownership of real estate in this
country. We are a Nation of owners, not of tenants, and that sets
America apart. And in the last decade, we have had dramatic change
because of dramatic leadership.
I entered the real estate industry in 1968, and then it was hard to
buy a home; with the exception of VA loans and FHA loans, almost
impossible. But things have changed because of the leadership of this
Congress, because of the leadership of this President, and because of
the leadership of the financial industry in this country.
Jim Johnson, in his book of a decade ago Showing America a New Way
Home, declared through Fannie Mae an ability and a desire to see to it
that Americans who could not find homeownership could, in fact, find
it. And, boy, did they ever. Through creative financing mechanisms and
through targeted programs, today Americans who never dreamed of owning
homes do. Through the National Association of Home Builders, easy-
living homes were created; where handicapped and disabled Americans now
find available, affordable, accessible housing in the competitive
marketplace, which 30 years ago was not possible.
{time} 1245
Those who do not own their own automobile now find financial
incentives and preferences in financing to locate in housing near Metro
centers, bus stations and rapid transit.
In essence, through the National Association of Home Builders, the
National Association of Realtors, Fannie Mae, Freddie Mac, the Learning
Institutions of America, this Congress and the President of the United
States, the American dream of 100 years ago is the American reality for
2 out of every 3 Americans, and in the months and years ahead, as we
work forward to improve that, we will only improve the greatness of the
United States of America and the distinction that separates us from the
rest of the world.
Mr. SCOTT of Georgia. Mr. Speaker, I yield 4 minutes to the
gentlewoman from California (Ms. Lee), who has consistently provided
sterling leadership to make sure that all Americans have access to home
ownership.
Ms. LEE. Mr. Speaker, first let me thank the gentleman from Georgia
(Mr. Scott) for yielding and for his leadership in a very short time in
terms of his leadership on our Financial Services Committee,
specifically in the areas of housing and home ownership. So thank you
for your leadership and for yielding.
Mr. Speaker, let me just say how delighted I am today to be able to
speak in support of this bipartisan bill, with the hope that it will
spur a movement toward more aggressive quality affordable housing for
all Americans, and I want to thank my colleague, a member whom I had
the pleasure to serve with in the California Legislature, the gentleman
from California (Mr. Miller), for bringing forth this bill, H.R. 658,
because he certainly understands the critical need for home ownership
and the affordability factor in terms of home ownership. So thank you
for making sure that this is a bipartisan bill and for your leadership.
Mr. Speaker, we all understand the challenges of home ownership and
the need to build more affordable housing and to market products that
will help more middle- and low-income individuals and families, more
people of color to acquire a home.
The FHA program is a very necessary tool to get these target
communities into a home. It uses flexible down payment amounts ranging
from 0 to 3 percent of the loans total, and it also helps with closing
costs and considerable foreclosure and loss mitigation assistance.
Now, FHA is pioneering in the areas of not only helping people get
into their homes and purchase their homes but also helping people keep
their homes. This is key to home ownership in our current economy,
where bankruptcy and foreclosures have become a reality for far too
many people.
FHA is successful, but it, of course, is not perfect. In areas like
California, currently, also areas such as Massachusetts and New York,
the FHA program is crippled by the expensive housing market, and it, in
fact, limits the amount of people who can participate in home ownership
solely because of their geography.
FHA uses a market median to calculate their loan amounts and caps
loans in high-cost areas to $290,000. Our goal today is to provide a
vehicle for Americans to achieve the American dream, which is very
quickly, quite frankly, turning into a nightmare.
We all know that it is not the stock market that provides the
foundation for the accumulation of wealth for ordinary working
Americans. It is the equity in one's home that allows people to, for
instance, start a small business or send their children to college or
to travel or to do whatever they desire to be part of the American
dream, and while I recognize market forces dictate the cost of housing,
in no way should we let market forces run away out of control without
helping those individuals and families who really do play by the rules.
When I see a dilapidated house in California, just this weekend the
average cost of housing in my area, northern California, I think is
$509,000. That is for a dilapidated house, quite frankly, a small
shack. That is $509,000. So when I see houses going for that, I shudder
at the numbers of families who are permanently shut out of
homeownership.
When we see a bill today, such as we have before us, that increases
this limit to 100 percent of the local median price, I am very excited
that finally, finally we have a vehicle now that will allow not only
those individuals in California and my district to begin on the path to
home ownership, but people
[[Page H4672]]
throughout our country will see that we are for real in terms of making
sure that we do something to allow them to realize the American dream.
In addition, let me just close by saying how important it is to
prevent foreclosures and to build more quality affordable housing that
establishes through the establishment of what we are calling the
National Housing Production Program, using some of the FHA reserves.
So let me just say thank you once again to the gentleman from
California (Mr. Miller). Thank you to the gentleman from Georgia (Mr.
Scott). I want to thank the gentleman from Massachusetts (Mr. Frank)
and the gentleman from Ohio (Chairman Ney) and the gentlewoman from
California (Ms. Waters) for making sure our subcommittee works in a
bipartisan fashion on behalf of the American people.
Ms. MILLENDER-McDONALD. Mr. Speaker, I yield myself as much time as I
might consume.
Mr. Speaker, I would like to associate the comments of the
gentlewoman from California (Ms. Lee) with myself. I could not agree
with you more. There are things we disagree on. This is not one of
them. We look at our children and our grandchildren and realize that
there is a problem in this country, and we need to effectively address
that problem.
Last week I have a bill that was heard in committee on FHA, basically
because as she said, you cannot use FHA loans in California and New
York, Massachusetts and other States, because the limits are so low,
they do not meet the needs of the citizens of these States, and you
could not be discriminated against based on where you happen to live.
And nobody should be confused. FHA is not a program where the
government is giving anybody anything. The government makes money on
FHA loans. They are good for citizens. They have been proven good for
government, but we need to really aggressively attack the problems for
housing in this country. We deal a lot with section 8 housing, which we
all agree there is a need for, but the problem we face when we talk
about section 8, we want people to own a home, and we have created such
a situation in this country where people cannot afford to move out of
section 8 housing because the cost of housing in the next level is so
great, that there is no way people can move to that next level.
A lot of those things have occurred over the years because the
government has done things that we believe felt good, and States have
done things that they believed felt good at the time but they did not
work in reality.
I remember 25, 30 years ago I could introduce a tentative track map
in California, and in 58 days, the government had to come back and say
yes or no to that subdivision application so you could build a home.
Today it goes for 2, 3, 5, 10, 12, 15 years in many cases before a
builder actually has a surety that he is going to be able to go build a
home or not build a home, and everybody needs to realize when you
require a property owner to hold property for 2, 3, 5, 10 years, the
cost of carry on that property and the cost of the process is passed on
to the homeowner.
So when we look at people who we are trying to provide affordable
housing, it is almost impossible, in many cases, because of the problem
government has created in and of itself.
The Endangered Species Act, when it was implemented, and nobody
argues that we should not do everything we can to preserve the
environment. That is necessary, but nobody ever dreamt when that
concept was created that we would be preserving rats and flies and
snails and stuff like that. My parents were smarter than we were. Our
parents used to swat flies and poison rats. Now we set aside habitat
for them; and when we do that, some private property owner is impacted
by that habitat.
And the question I want to ask all of you, who wants to live next to
a rat habitat? I do not know who wants to live next to a rat habitat,
and the problem with that is you have a rat in your house, we all
respond in the common way. We put a rat trap out there or poison out
there. Well, if you trap an endangered rat, you have committed a
felony. You can go to jail. I mean, how ridiculous is that? Yet, that
is the law in which we have to work with in this Nation to provide
housing.
There has to be some regulatory barriers that are removed, where
people can get product to the market rapidly and move people into
houses. The problem we have at the local level is the Federal
Government takes more money, the States take more money, and local
community cities are left without revenues. And the first person they
look to go to is a builder in town as a cash cow. I am not trying to
criticize them for it, but I am saying when you assess a fee that is
not associated with a project on a project, the people who buy those
homes have to pay those fees.
Nobody argues that if you are impacting traffic and intersections,
you should mitigate that through fees. Nobody is arguing that. You have
building and you have school fees. But oftentimes you pay all of those,
and then we take it far, far beyond that.
In California, we have an unusual problem that many States do not
face. There is very, very little attached homes being built, town homes
and condominiums. The problem is because litigation is so prevalent.
And it is not generally started by the people who own the town homes or
condos, it is started by some attorney who sues, goes to the Board of
Directors and says you either join in this lawsuit or you can be held
personally liable, and then the associations in the lawsuit, that all
adds to the cost of providing basic housing for this Nation. Condos and
town homes generally are the entry level homes you try to address
first, because people need them.
We are trying to do tort reform in the medical industry. We also need
tort reform in the housing industry. We need to do everything we can to
protect the environment, we need to do everything we can to make sure
people are legally protected from people who provide housing below
standard, but we also need to be real in this country, realizing that
people need homes. Kids many times cannot afford to live in the
neighborhoods within which they are raised.
We need to change the laws in this country to fast track housing, and
yet assure that the environmental levels will be addressed correctly.
Mr. Speaker, I reserve the balance of my time.
Mr. SCOTT of Georgia. Mr. Speaker, I yield 30 seconds to the
gentlewoman from California (Ms. Lee).
Ms. LEE. Mr. Speaker, I thank the gentleman for yielding me time.
Mr. Speaker, let me just say to the gentleman from California (Mr.
Gary G. Miller), one point I want to emphasize also as to why this is
so important is that in many of our communities that are diverse
economically and ethnically, what we are seeing is the resegregation of
America because of income disparities. In many communities, such as
mine, for instance, you have a diminishing African-American population
because the cost of housing has gone up so high and the income level
has not been on par with the cost of housing.
So I just want to say this bill has far-reaching implications,
because, in fact, we all agree that an integrated America is also the
American dream, and we want integrated communities, not communities
where one cannot afford to reflect the ethnic diversity of our great
country.
Mr. SCOTT of Georgia. Mr. Speaker, I yield 4 minutes to the gentleman
from Illinois (Mr. Davis), who is a strong voice for working people, to
make sure all people have access to housing, and especially those in
the lower income and housing projects, of which he represents 80
percent.
Mr. DAVIS of Illinois. Mr. Speaker, I want to thank the gentleman
from Georgia (Mr. Scott) for yielding me time. I also want to commend
the subcommittee of the Committee on Financial Services that is dealing
effectively in many ways with the creation and development of
instruments that lend themselves to increasing homeownership. So I come
to support this resolution.
We have heard how home ownership is a part of the American dream. I
think it is commendable that we can boast of 68 percent homeownership
in America. But, at the same time, I am reminded of disparities that
exist.
For example, in my Congressional district only 38 percent of the
people own their homes. Only 28 percent of the African Americans in my
Congressional district own their homes. Yet I
[[Page H4673]]
commend Fannie Mae, Freddie Mac, local mortgage companies, banks, the
City of Chicago, for programs that have been established and are
working well.
I also commend the Congressional Black Caucus, who recognized that
with ownership comes wealth, and has created a national program called
WOW, With Ownership Wealth, pointing out to people that you can spend
50 years paying rent, and at the end of 50 years all that you really
have to show is a drawer full or a desk full of rent receipts; that you
have no ownership, no equity value, nothing that you can pass on to
those coming after you.
So we still need additional instruments, because, for many Americans,
the dream is still a horrible nightmare, because they feel that there
is no way they can purchase a home. They think that you have got to
have too much down payment. They think that their credit does not meet
the standards or the requirements.
So as we commend ourselves, we also need to continue to look for
instruments that can help make the American dream for more of our
citizens a reality, so that they too can have that dream of living in
the house by the side of the road, watching men and women go by.
So I commend the subcommittee for its progress, I support this
resolution, and urge that we continue to find those ways that can
include and bring more people into the system.
Mr. SCOTT of Georgia. Mr. Speaker, I yield myself such time as I may
consume.
Mr. Speaker, as has been pointed out in this afternoon's discussion
on this very, very important piece of legislation, to own a home is the
foundation for wealth building in our country. We are making great
progress, but there is yet much more that we have to do, especially
when it comes to the minorities, African Americans, and Hispanics,
particularly.
But I am so proud to be a part of the Committee on Financial Services
and on the Subcommittee on Housing and Community Opportunity, for we
are making great progress, and not only making sure that we address the
issue of homeownership, but, in addition to that, making sure that we
put policies and programs in place that will make sure they maintain
those homes and to build on that progress.
{time} 1300
A measure that we have in our committee, the Financial Literacy Act,
is to make sure that people are not taken advantage of when they do own
a home. Very important. A key point of that bill is to set up a toll-
free number so that individual homeowners will have access to get
information and know where to call to get information before they sign
on the dotted line. And it is so important that at the other end of
that phone line that there be a human being, not a recorded voice, but
a human being answering and responding to that measure. We are very
proud of that bill.
Our housing counciling bill under the gentleman from Ohio (Mr. Ney);
our zero down payment which eliminates the down payment for those FAA-
guaranteed mortgages; and again, an issue that was pointed out by my
distinguished friend, the gentleman from California, as well as my
ranking member, the gentleman from Massachusetts (Mr. Frank), and that
is we must expand FHA loan limits to include high-cost areas like
California and Massachusetts; and we are working on that.
Mr. Speaker, free credit reports, and some financial education
creative matters that we are working on that I want to mention very
briefly as I close. We have got to get down to the nitty-gritty with
our young people and start financial literacy programs in the early
grades; and I am proud to work with my distinguished colleague, the
gentlewoman from Illinois (Mrs. Biggert), in putting forward a piece of
legislation that will require financial literacy, age-appropriate, K
through 12; and we will get that funded by using the Global Fund of
Securities and Exchange Commission. And the gentleman from California
(Mr. Dreier) is working to make sure that we set aside monies in the
Treasury Department to make people aware of financial literacy
programs.
Mr. Speaker, this Congress is doing a wonderful job, and I am so
delighted that we are here with this legislation, H.R. 658, to
recognize Homeownership Month as the month of June.
Mr. Speaker, I yield back the balance of my time.
Mr. GARY G. MILLER of California. Mr. Speaker, I yield myself such
time as I may consume to close.
Mr. Speaker, I would like to commend all of my colleagues on the
Committee on Financial Services, on the Democrat side and Republican
side, especially the gentleman from Ohio (Chairman Oxley) and the
gentleman from Ohio (Chairman Ney), who have had a real interest in
housing, and the gentleman from Massachusetts (Mr. Frank), who is a
good friend of mine. We have probably done more legislation on housing
than any two Members that I know of. But he and I are like-minded on
the needs of housing for our future.
This is not a Republican, issue nor is it a Democratic issue. It is
an issue for our future, for our children, for our grandchildren. Do we
want to continue the situation with the shortage of housing in this
country, or do we want to change that? In many cases, it is the
government's responsibility to look at what we have done, and sometimes
we need to step back and change some of that. FHA reform, I applaud my
colleague for emphasizing that, again. We are ready for markup on that.
It is about time FHA kept pace with the market. It is a good program
that works. The gentleman from Massachusetts (Mr. Frank) and I have
introduced legislation to resolve this problem and, hopefully, before
this year is over, can have a bill signed into law that will work.
But I would also like to commend the builders in this country, the
Realtors, the subcontractors, mortgage brokers, the mortgage bankers,
the financial markets, the title companies, the escrow industry, all of
those people who work hand in hand, putting together a large puzzle to
provide housing in this Nation. They do a wonderful job, they work very
hard, and we need to do what we can to assist them.
Mr. Speaker, I urge all of my colleagues to support House Resolution
658. It is a bipartisan bill. It is a good bill. Let us start to
continue to look and focus on the housing needs of our country.
Mr. NEY. Mr. Speaker, I rise today in support in H. Res. 658, which
recognizes National Homeownership Month and the importance of
homeownership in the United States. Offered by my colleague and friend
from California, Mr. Gary Miller, this resolution is a testament to the
benefits of a strong and robust housing market in this country.
A home is more than just the symbol of the American Dream; it is the
backbone of the American way of life.
Over the past three years, the housing market has driven the national
economy, as Americans bought and refinanced homes in record numbers.
Many regions were spared the worst of the recent recession due to the
strength of some local housing markets.
Today, the housing sector directly accounts for about 14 percent of
the country's total Gross Domestic Product. Building a home involves
multiple segments of our economy, including builders, bankers, mortgage
lenders, realtors, and numerous others. For every 1,000 single-family
homes built, we see 2,500 jobs created, $75 million in wages earned,
and $37 million in tax revenues generated.
June is National Homeownership Month and so many of our partners
celebrate this because in America, every citizen--regardless of race,
creed, color, or place of birth--has the opportunity to own a home of
their own. And, new homeowners can create wealth for their families for
generations to come, while also helping transform neighborhoods and
communities.
Right now 68 percent of all families own homes.
However, the homeownership rate for minorities is around 50 percent.
This must improve.
Lagging minority homeownership rates are a serious concern. Minority
households are expected to account for two-thirds of household growth
over the coming decade.
Improving the ability of such households to make the transition to
homeownership will be an important test of the nation's capacity to
create economic opportunity for minorities and immigrants and to build
strong, stable communities.
Last year, the Housing Subcommittee assisted in the successful
enactment of 11 housing related bills. Through bipartisan cooperation
with Congresswoman Katherine Harris and Cong. Artur Davis, Congress and
the Administration were able to enact legislation
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that today is making existing housing programs work better.
Of those enacted last year, the American Dream Downpayment Act and
the proposal to raise the FHA multifamily loan limits are helping
thousands of individuals and families realize the dream of
homeownership. I am especially proud of the American Dream Downpayment
Act, which will provide $200 million in grants to help homebuyers with
the downpayment and closing costs.
Sponsored by Ms. Harris and Mr. Davis, this bill will assist 40,000
families annually achieve the dream of homeownership and will make
available subsidy assistance averaging $5,000, to help low-income,
first-time home buying families.
In an effort to continue the goal the increase minority
homeownership, on June 3rd of this year the House Financial Services
Committee approved HR 3755, the FHA Zero Down Payment Act. This bill,
introduced by Congressmen Tiberi and Scott, would provide a program to
eliminate the downpayment requirement for certain families and
individuals who buy homes with FHA-insured mortgages.
During the enactment of the American Dream Downpayment Act last year,
we learned that the biggest obstacle to homeownership for most families
is the inability to save enough cash to meet down payment and closing
costs. HR 3755 is a good bill that represents another important step
forward in helping all Americans achieve the dream of homeownership.
In closing, let me say that the federal government, consumers, and
the housing industry are linked by our mutual goal of creating housing
opportunities for more Americans.
We have much to achieve together for the American people, and our
best hope of being successful is to work in close concert with each
other--guided by the same high standards and principles and motivated
by the same goals.
In that way, we will continue to open up our communities to new
opportunities for growth and prosperity.
Mr. EMANUEL. Mr. Speaker, I rise in strong support of H. Res. 658,
which recognizes National Homeownership Month. Owning a home is a
central part of the American dream, and I am pleased that this dream is
within reach of more families than ever before. Home ownership is now
at a record high in the United States, with 68.6 percent of all
American families and over half of all minority families owning their
own home.
Buying a home is the largest personal investment many families will
ever make. Homeownership provides economic security for American
families by helping them build wealth over time. Expanding home
ownership also helps strengthen communities, as owners feel a greater
stake in their local schools, civic organizations, and churches.
We have a lot to be proud of in the expansion of home ownership
throughout our communities, but there is still work to be done. We must
recognize and strengthen the working partnerships between the public,
private and non-profit sectors in promoting home ownership, and we must
provide greater support to FHA and related programs which help provide
the means for lower income families to buy their first homes.
Mr. Speaker, owning a home is becoming a reality for more American
families, and we must use National Homeownership Month to continue
working towards providing this piece of the American dream to all
Americans. I thank the gentleman from California for introducing this
important resolution and I urge my colleagues to support it.
Mr. GARY G. MILLER of California. Mr. Speaker, I yield back the
balance of my time.
The SPEAKER pro tempore (Mr. Simpson). The question is on the motion
offered by the gentleman from California (Mr. Gary G. Miller) that the
House suspend the rules and agree to the resolution, H. Res. 658.
The question was taken.
The SPEAKER pro tempore. In the opinion of the Chair, two-thirds of
those present have voted in the affirmative.
Mr. SCOTT of Georgia. Mr. Speaker, on that I demand the yeas and
nays.
The yeas and nays were ordered.
The SPEAKER pro tempore. Pursuant to clause 8 of rule XX and the
Chair's prior announcement, further proceedings on this motion will be
postponed.
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