[Congressional Record (Bound Edition), Volume 146 (2000), Part 8]
[Senate]
[Pages 10669-10670]
[From the U.S. Government Publishing Office, www.gpo.gov]



                              S. RES. 319

  Mr. ASHCROFT. Mr. President, I rise in support of S. Res. 319, which 
the Senate approved on Friday, during National Homeownership Week. I 
thank my colleagues for supporting this important resolution which 
affects the security and welfare of Missourians and all Americans. This 
resolution addresses the importance of placing quality housing within 
reach of a greater number of Americans as well as improving housing 
opportunities for Americans at all income levels. I, along with my 
colleagues, support the efforts of Habitat for Humanity and ``The House 
the Senate Built'' project.
  As you know, the largest debt most families take on in their 
lifetimes is a home. Over 65 percent of Americans own a home, as do 
approximately 80 percent of Americans over the age of 50. This 
represents real progress. In 1940, fully 56 percent of Americans were 
renters. Clearly, America has come a long way. People buy homes for 
different reasons. A home can be a place of safety to raise a family, 
the potential of financial security, a sense of community. All around 
Missouri, and across this great nation, couples of all ages agree that 
buying a home is among the essential steps a family takes to ensure 
stability and prosperity in their lives.
  While homes are a worthwhile investment, they also are expensive. 
Real estate experts recommend that families buy homes valued at over 
three times their annual income--a sum far greater than what families 
could pay back in a year, or two, or even five. So, most Americans take 
out a mortgage. Once this burden of debt is behind them, they are free 
to dream new dreams --pay for their children's or grandchildren's 
education, travel, or make other investments.
  Homeownership is an important factor in promoting economic security 
and stability for American families. The level of homeownership among 
foreign-born naturalized citizens who have been in the United States 
for at least six years is the same as the level of homeownership of the 
Nation as a whole. When families such as these, who are new to our 
shores, prosper, we as a nation prosper.
  This resolution expresses the Senate's concern for improving 
homeownership in America. The resolution

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commends the nonprofit housing organization, Habitat for Humanity, and 
supports their commitment to partner with the United States Senate to 
strengthen neighborhoods and communities by building simple and 
affordable homes with low-income buyers. I thank Senator Brownback for 
offering this resolution and endorse its passage.

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