[Congressional Record Volume 150, Number 89 (Thursday, June 24, 2004)]
[Senate]
[Page S7424]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                NATIONAL HOMEOWNERSHIP MONTH--JUNE 2004

 Mr. SMITH. Mr. President, realizing the dream of homeownership 
is one of the greatest moments in a lifetime. I am pleased that June 
has been designated as National Homeownership Month and I have enjoyed 
working with my colleagues to increase the number of Americans who are 
able to own their own homes. Homeownership provides more than just a 
shelter. It is a symbol of security that more American families are 
enjoying each year.
  Owning a home enhances our lives and contributes to thriving 
communities. Where homeownership flourishes, communities are more 
secure, residents are more civic-minded, schools are better and crime 
rates decline.
  Today, the national homeownership rate stands at 68 percent. I am 
proud of the great strides we have made in order to raise it to the 
highest rate ever. But if you take a close look at that statistic, 
you'll see that there is still much work to be done. The fact is that 
homeownership rates have risen the most among groups that have always 
had the highest ownership, while they've actually fallen for households 
with children and those headed by someone under the age of 55. In 
addition, African American and Hispanic households' homeownership rates 
still lag behind those of white households by more than 25 percentage 
points.
  I support President Bush in his goal of expanding the number of 
minority home owners by 5.5 million by 2010. As the lead sponsor of S. 
198, the New Homestead Economic Opportunity Act, I am confident this 
legislation would go a long way toward increasing the number of 
American home owners--particularly first-time and minority home buyers. 
S. 198 will provide a tax credit for single-family homeownership. 
Modeled after the successful low-income rental housing tax credit, this 
proposal would allow States to allocate Federal tax credits to 
developers and investors who provide single-family homes for purchase 
by qualified buyers in qualified areas.
  The legislation is sound public policy and makes good economic sense. 
It would foster revitalization of both urban and rural areas and help 
working Americans currently priced out of the market to buy their first 
home. It is estimated that each year the credit would produce some 
50,000 new and rehabilitated homes, 120,000 jobs, $4 billion in wages 
and $2 billion in taxes and fees.
  President Bush has stated that a home is:

     a foundation for families and a source of stability for 
     communities. Part of economic security is owning your own 
     home. Part of being a secure America is to encourage 
     homeownership.

  Today, in the midst of National Homeownership Month, those words ring 
even more loud and true. I ask that my colleagues show their support 
for homeownership by cosponsoring S. 198.

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