[Congressional Record (Bound Edition), Volume 149 (2003), Part 23]
[Extensions of Remarks]
[Page 32420]
[From the U.S. Government Publishing Office, www.gpo.gov]




                     AMERICAN DREAM DOWNPAYMENT ACT

                                 ______
                                 

                               speech of

                       HON. MADELEINE Z. BORDALLO

                                of guam

                    in the house of representatives

                        Monday, December 8, 2003

  Ms. BORDALLO. Mr. Speaker, I rise today in support of S. 811, which 
will authorize funding for grants to low-income first-time homebuyers 
and certain uniform servicemen and women in order that they may enjoy 
the American dream of homeownership.
  I recall purchasing my first home and the tremendous satisfaction and 
pride that it afforded me. I believe that every American that works 
hard and saves for the purpose of raising his or her children in their 
own home deserves the opportunity to reap the fruits of their labor. I 
am proud that this Congress is prepared to encourage and support 
American homeownership.
  I want to thank Financial Services Committee Chairman Michael Oxley 
and Ranking Democratic Member Barney Frank, as well as Housing and 
Community Opportunities Subcommittee Chairman Bob Ney and Ranking 
Democratic Member Maxine Waters for their leadership in including a 
proposal that is very important to Guam and the insular areas in S. 
811. I would especially like to thank Congressman Frank and his staff 
for their guidance and leadership throughout this process. This 
provision would move the annual Community Development Block Grant 
funding provided to Guam and the insular areas from a strictly 
discretionary financing stream into the section 106 grant formula under 
which cities and communities in the States receive their funding. This 
is where it belongs, as Guam and the insular areas should have parity 
with the States.
  Passage of S. 811 will also eliminate a regulatory hurdle that 
prevents Guam, American Samoa, the Virgin Islands and the Commonwealth 
of the Northern Marianas from participating in the Section 108 Loan 
Guarantee Program. Inclusion in the Section 108 Loan Guarantee Program 
will allow the insular areas to apply for low-interest government-
backed loans to build large projects such as bridges, schools and other 
projects designed to develop human, natural and capital resources to 
stimulate economic development.
  Section 108 was a legislative priority of mine, prompting me to 
introduce H.R. 2422, the Insular Areas Community Development Act. 
Thanks to the kind support of Congresswoman Harris, as well as the 
helpful assistance of the Financial Services Committee leadership and 
staff, this longstanding issue for Guam and the insular areas will 
finally be resolved with the passage of S. 811.
  I strongly urge my colleagues to vote in favor of S. 811.

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