[Congressional Record (Bound Edition), Volume 149 (2003), Part 7]
[House]
[Page 8759]
[From the U.S. Government Publishing Office, www.gpo.gov]




                    AMERICAN DREAM DOWN PAYMENT ACT

  (Ms. HARRIS asked and was given permission to address the House for 1 
minute and to revise and extend her remarks.)
  Ms. HARRIS. Madam Speaker, this afternoon the Subcommittee on Housing 
and Community Opportunity of the Committee on Financial Services will 
begin hearings on President Bush's visionary plan to extend the dream 
of homeownership to tens of thousands of low-income families and 
individuals across our Nation.
  As I have consulted with housing advocates throughout my district, I 
have repeatedly heard that a great number of low-income Americans could 
meet a monthly mortgage payment were it not for that initial obstacle 
of the closing costs and down payment associated with the traditional 
residential loan.
  H.R. 1276, the American Dream Down Payment Act, removes that barrier 
for an estimated 40,000 low-income families and individuals every year.
  Madam Speaker, the extension of affordable quality housing 
opportunities to every American is a moral imperative for a decent, 
compassionate society. H.R. 1276 represents a powerful step toward this 
goal, providing thousands of men, women and children across our Nation 
with the dignity, stability and economic empowerment of homeownership.

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