[Congressional Record Volume 150, Number 90 (Friday, June 25, 2004)]
[Extensions of Remarks]
[Page E1251]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                HOMEOWNERSHIP BUILDS STRONG COMMUNITIES

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                            HON. ROB PORTMAN

                                of ohio

                    in the house of representatives

                        Thursday, June 24, 2004

  Mr. PORTMAN. Mr. Speaker, June is National Homeownership Month. 
Stronger families, better schools, and homeownership produce healthy 
neighborhoods and communities.
  When people own their homes, other benefits follow, such as economic 
security and family stability. Over the years, home values have 
generally increased, making them a good investment and a great way for 
families to build up assets that can be used for everyday needs, 
unexpected setbacks, and even helping to send a child to college.
  Neighborhoods where people own homes are more stable. People tend to 
take better care of property they own and care more about the rest of 
the neighborhood as well. Homeownership also leads to a more vibrant 
community because home sales attract grocery stores, restaurants and 
other small businesses that add stability and job opportunities.
  With all these benefits, it is discouraging that there are some areas 
in our country where the homeownership rate is very low. In my home 
state of Ohio, the City of Cincinnati's homeownership rate is 39 
percent, far below the national average of 68 percent. And even in the 
rural areas of my district where the percentage of home owners is 
higher, we are still well below the national average.
  Ohio has a shortage of affordable homes in inner-city and rural 
areas. This is also true in many other states. To help address this 
problem, Representative Ben Cardin and I introduced H.R. 839, the 
Renewing the Dream Tax Credit Act, which is based on a proposal 
advanced by President Bush. The measure would make a tax credit 
available to developers or investors that build or rehabilitate homes 
for sale to low- and moderate-income buyers in these areas. H.R. 839 
has the support of nearly 300 House members, and would make it more 
attractive for developers to create affordable housing in urban and 
rural areas in which the need is greatest.
  Mr. Speaker, when people buy a home, they make an investment in that 
community. Enacting H.R. 839 will help make homeownership achievable 
for more Americans.

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