[Congressional Record (Bound Edition), Volume 152 (2006), Part 9]
[House]
[Pages 12724-12728]
[From the U.S. Government Publishing Office, www.gpo.gov]




                RECOGNIZING NATIONAL HOMEOWNERSHIP MONTH

  Mr. NEY. Mr. Speaker, I move to suspend the rules and agree to the 
resolution (H. Res. 854) recognizing National Homeownership Month and 
the importance of homeownership in the United States.
  The Clerk read as follows:

                              H. Res. 854

       Whereas the President of the United States has issued a 
     proclamation designating the month of June 2006 as National 
     Homeownership Month;
       Whereas the national homeownership rate in the United 
     States has reached a record high of almost 70 percent and 
     more than half of all minority families are homeowners;
       Whereas the people of the United States are one of the 
     best-housed populations in the world;
       Whereas owning a home is a fundamental part of the American 
     dream and is the largest personal investment many families 
     will ever make;
       Whereas homeownership provides economic security for 
     homeowners by aiding them in building wealth over time and 
     strengthens communities through a greater stake among 
     homeowners in local schools, civic organizations, and 
     churches;
       Whereas creating affordable homeownership opportunities 
     requires the commitment and cooperation of the private, 
     public, and nonprofit sectors, including the Federal 
     Government and State and local governments; and
       Whereas the current laws of the United States, such as the 
     American Dream Downpayment Act, encourage homeownership and 
     should continue to do so in the future: Now, therefore, be it
       Resolved,  That the House of Representatives--
       (1) fully supports the goals and ideals of National 
     Homeownership Month; and
       (2) recognizes the importance of homeownership in building 
     strong communities and families.

  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from 
Ohio (Mr. Ney) and the gentlewoman from California (Ms. Waters) each 
will control 20 minutes.
  The Chair recognizes the gentleman from Ohio.
  Mr. NEY. Mr. Speaker, I yield myself 5 minutes.
  Mr. Speaker, it is a pleasure to be here today on the floor with our 
ranking member, the gentlewoman from California, Congresswoman Maxine 
Waters.
  I rise today in support of House Resolution 854, which recognizes 
National Homeownership Month and the importance of homeownership in the 
United States. This resolution is offered by my colleague and friend 
from California, Congressman Gary Miller, who has really undertaken a 
robust job in working the housing issues and sponsoring different 
forums for discussions on housing and being a very active member of our 
Housing Subcommittee and also the vice chair of that committee.
  June is National Homeownership Month, and so many of our partners 
celebrate this because, in America, we would hope that everybody would 
have an opportunity to be able to own a home. A home is more than just 
a symbol of the American dream; it is the backbone of our American way 
of life.
  Over the past 3 years, the housing market has driven the national 
economy as Americans bought and refinanced homes in record numbers. 
Many regions were spared the worst of the recent recession due to the 
strength of local housing markets.
  Homeownership creates community stakeholders who tend to be active in 
charities, churches, neighborhood activities. Homeownership inspires 
civic responsibility, and homeowners are more likely to vote and get 
involved with local issues. Families owning a home offer children a 
stable living environment, and its influences are great. It helps with 
their personal development in many positive, measurable ways at home, 
in school and in our society.
  Today, nearly 70 percent of American families own their own homes. 
Minority homeownership rates have reached an all-time high of almost 50 
percent. While many gains have been made though, lagging minority 
homeownership rates, I think, are a serious concern. That issue has to 
be addressed.
  Minority households are expected to account for two-thirds of 
household growth over the coming decade. Improving the ability of such 
households to make the transition to homeownership will be an important 
test of our Nation's capacity to create economic opportunity for 
minorities and to build strong, stable communities.
  In the last Congress, the Subcommittee on Housing and Community 
Opportunity, which I chair, and again the ranking member is the 
gentlewoman from California, that committee and the members from both 
sides of the aisle assisted in enactment of 17 housing-related bills.
  I want to thank the members of that committee, Gary Miller, the vice 
chair, and the gentlewoman from California; also, of course, 
Congressman Oxley and Barney Frank of Massachusetts. Chairman Oxley has 
worked with us, as Mr. Frank has, to make sure that these bills have 
gone to the full committee.
  So we are very proud of the enactment of 17 housing-related bills. 
That was through bipartisan cooperation. We have been able to do this 
to make existing housing programs work better.

[[Page 12725]]

  Our work continues in the 109th Congress. In the last month, the 
Housing Subcommittee of the Financial Services Committee has marked up 
10 housing bills. For example, we approved a bill that would preserve 
affordable rural housing opportunities and one that would modernize and 
increase the availability of FHA-insured manufactured housing loans to 
low and moderate consumers who wished to purchase a manufactured home.
  I am especially proud of H.R. 5121, the Expanding American Home 
Ownership Act of 2006. This important FHA modernization legislation 
would allow for risk-based pricing for the Federal Housing 
Administration. Charging premiums commensurate with risk allows sound 
pricing and portfolio diversity to sustain the financial strength of 
the FHA fund.
  We want to thank the gentlewoman for taking the lead on this. I feel 
if we had not done this bill I don't know where FHA would be today. I 
thank the gentlewoman for all her hard work.
  While homeownership is a desired goal for many Americans, and that is 
why we are here, again I thank Mr. Miller for this resolution, but 
there are still, and I think we have to face this, many in society are 
not ready yet or cannot own their own home.
  So the Financial Services Committee in this month approved by voice 
vote H.R. 5443, the Section 8 Voucher Reform Act of 2006. This piece of 
legislation represents the culmination of a bipartisan negotiation over 
the last year to craft a compromise proposal to reform HUD's section 8 
program.
  In the Housing Subcommittee, we do continue to plan to work hard with 
our ranking member, the gentlewoman from California, and Mr. Miller and 
all the Members on both sides of the aisle to explore new ways to put 
people in the path of homeownership so they can realize its benefits.
  Mr. Speaker, I reserve the balance of my time.
  Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, as the ranking member of the Subcommittee on Housing and 
Community Opportunity and one of the original cosponsors of this 
legislation, I rise in strong support of House Resolution 854, 
celebrating June as National Homeownership Month of 2006.
  I would like to thank the Chair of our subcommittee, Mr. Ney, for his 
support, not only for this resolution but his support for all of the 
members serving on our subcommittee on both sides of the aisle for all 
that we are attempting to do to expand homeownership opportunity. I am 
excited about the leadership that Mr. Ney has provided on FHA, to 
support the CDBG, his support for section 8. All of these programs lead 
to homeownership.

                              {time}  1230

  And I am delighted to be on the floor with him today.
  I would also like to thank Mr. Gary Miller, the vice chairman of the 
subcommittee on Housing and Community Opportunity, for sponsoring this 
resolution. This is an extremely timely resolution. June is National 
Homeownership Month, 2006.
  And I also want to applaud all of those who joined on the resolution 
as original cosponsors: Mr. Hinojosa; Mr. Scott of Georgia; Ms. Harris; 
Ms. Millender-McDonald; Mr. Neuge-
bauer; Mr. Frank, the ranking member of the Committee on Financial 
Services; Mr. Ney, of course, chairman of the subcommittee on Housing 
and Community Opportunity; and the distinguished chairman of the 
Committee of Financial Services, Mr. Oxley.
  Mr. Speaker, and Members, homeownership is like motherhood and apple 
pie. I believe that just about everyone would agree that homeownership 
is important to the overall quality of life in communities across the 
country and to the economic well-being of individuals and families in 
America.
  While National Homeownership Month has been celebrated for the past 5 
years, we really do owe a great deal of credit to the many nonprofit 
organizations and public policymakers who have concentrated on making 
the American Dream come true, as well as others who have formed public-
private partnerships to expand homeownership opportunities in America. 
Without these cooperative relationships and bipartisan relationships, 
we would be hard pressed to have reached many of the low-and moderate-
income persons and families who have been able to afford a home.
  Mr. Speaker and Members, it is commendable to applaud homeownership 
in this country, but it takes a little bit more to create the 
opportunities for the average American to own a home, and it requires 
real support and assistance by public policy-makers. I am pleased and 
proud to serve on this subcommittee because, again, I see that 
commitment on both sides of the aisle.
  Homeownership has a rich history in America. Let's take a walk back 
in time and we will see just how important homeownership has been in 
America. From 1900 to 1920, the first 20 years of the last century, the 
homeownership rate declined slowly but steadily. Then homeownership 
soared in the 1920s, but declined to its lowest level in the 20th 
century, 44 percent by 1940. Of course, after World War II, we 
witnessed a dramatic increase in homeownership as the postwar economy 
boom contributed to American prosperity. Purchases of homes were 
central to building that prosperity; and by 1960, homeownership had 
grown to 60 percent because of favorable tax treatment and attractive 
financing related to homeownership.
  During that same year, my State of California reached its high water 
mark for homeownership tying the national average of 60 percent. By 
2000, two in three households in the United States owned their own 
homes. In 1990 less than half owned their own homes, whereas today 70 
percent of all Americans own their homes.
  In addition, the median value of single family homes in the United 
States, according to the census, rose from $30,600 in 1940 to $119,600 
in 2000. But of course, today the median value in some places, such as 
California, have increased tremendously, almost to $500,000.
  The benefits of homeownership are truly remarkable. Homeownership 
provides a broad range of benefits to individual homeowners and to 
society as a whole. Many children of homeowners did better in school 
and are more successful in life. Homeownership acts as a powerful 
economic stimulus, benefiting the individual homeowner and the national 
economy. Homeownership benefits neighborhoods, providing economic and 
social capital. Homeowners are more likely to participate in local 
organizations. Homeownership in distressed communities raises 
neighborhood property value by a significant amount, and homeowners 
state that they are more satisfied with their living situation than 
renters.
  The benefits might seem inconsequential to some. But believe me, if 
we could transfer the benefits of homeownership across this country, we 
would wipe out much of the crime in our communities, lower high school 
drop-out rates, reduce poverty, and improve the overall quality of life 
for countless numbers of Americans.
  Just think of the benefits to children. Children of homeowners score 
better on academic tests, graduate at higher rates, have fewer 
behavioral problems, and enjoy a better social environment. Children of 
homeowners are more likely to become homeowners, adding to the paradigm 
of wealth creation.
  Homeownership benefits the U.S. economy. Homeowners generate equity. 
Home equity is often the source of start-up capital for a business or 
for financing our children's education and our retirement. High rates 
of homeownership in a community add to the value of property as much as 
$5,000, according to one recent study.
  A home is a real source of wealth. Homeownership is central to 
individual wealth and to the wealth of the U.S. economy. The growth in 
new housing starts in the last few years contributed directly to the 
growth in the U.S. economy. Just look at the housing sector, and it 
will usually tell you a lot about the overall wealth and direction of 
the economy.
  Mr. Speaker, I reserve the balance of my time.
  Mr. NEY. Mr. Speaker, I yield as much time as he may consume to the 
gentleman from California (Mr. Gary

[[Page 12726]]

G. Miller), the author of the resolution.
  Mr. GARY G. MILLER of California. Mr. Speaker, I introduced this 
legislation to elevate the debate and the understanding of the 
importance of housing in this country.
  On May 24, 2006 President Bush designated June as National 
Homeownership Month, as he has done over the past 5 years. To 
complement this designation, this resolution provides congressional 
recognition of the National Homeownership Month and the importance of 
homeownership in the United States.
  Owning a home is a fundamental part of the American Dream and is the 
largest personal investment families will ever make. Not only does 
homeownership provide economic security by building wealth over time, 
it also strengthens and builds communities.
  However, creating affordable homeownership opportunities requires the 
commitment and cooperation of the private, public, nonprofit sector, 
including the Federal Government and State and local governments.
  This resolution expresses the sense of Congress that the House of 
Representatives, one, fully supports the goals and ideals of National 
Homeownership Month; and, two, recognizes the importance of 
homeownership in building strong communities and families.
  Today is a day we can come together, set aside any policy differences 
we might have, and celebrate homeownership in America.
  For generations, the goal of owning a home has been the bedrock of 
our economy and a fundamental part of the American Dream. As we have 
faced the challenges of war and economic uncertainties, the housing 
markets have helped to keep our economy strong.
  Nationally, housing generates more than 22 percent of the gross 
domestic product and accounts for nearly 40 cents of every dollar 
spent.
  America's housing markets are the envy of the world. We enjoy the 
lowest interest rates, the highest homeownership rates of any developed 
nation. In fact, national homeownership in the United States has 
reached a record high of 70 percent. Homeownership is the single 
largest creator of wealth for Americans. It is the largest investment 
most families will ever make, and a key to promoting long-term economic 
stability. For this reason we must continue to promote policies that 
ensure more Americans can achieve the goal of homeownership.
  Aside from helping millions of Americans achieve their dreams, 
homeownership also helps to build neighborhoods and strengthen 
communities. Families who own homes have a vital stake in their 
communities, a stronger interest in the safekeeping of their 
neighborhoods, and a deeper commitment to the quality of their schools 
and public services.
  Each home is a critical piece in a successful neighborhood, allowing 
families to enjoy community events together and share in the lives of 
their neighbors and friends.
  As millions of American families have demonstrated, increased 
homeownership helps to build better communities, and better communities 
help to build a better America.
  As responsible legislators, we need to ensure that government helps 
rather than impedes homeownership in America.
  When I came to Congress, I made it my top priority to highlight 
Federal policies that have hindered the availability of housing in this 
country and to find ways for government to positively impact 
homeownership in America. While we have done much to help Americans 
become homeowners, we must do more. We must remove the hurdles and 
needless regulation that keep homeownership out of the reach of some 
families in America.
  And oftentimes in government, we pass policies and laws and 
regulations that sound really good, and when they are implemented they 
do just the exact opposite of what we intend them to do, they hinder 
homeownership. State government and local government do the same thing. 
What we need to do as legislators is look at these things we have done; 
and if they are wrong, we need to correct them. And then we need to 
pass new resolutions and laws that further provide opportunities for 
people, which in many cases we have done the opposite of.
  We must also promote fair lending practices to increase housing 
opportunities for all Americans. And we must ensure that programs 
Congress passes to encourage homeownership can be enjoyed by all 
Americans in all communities, including those in high-cost areas.
  With June designated as National Homeownership Month, there is no 
better time to address these issues. Now more than ever Congress must 
cultivate an environment in which more Americans may turn the dream of 
homeownership into a reality.
  I am very pleased today that the President has made it a priority to 
promote affordable housing and homeownership, even among those 
challenges our country faces in other areas.
  Along with Secretary Jackson and his team at HUD, the President has 
taken a leading role in finding new and innovative ways to expand 
homeownership in all areas of this country.
  Fortunately here in Congress we have a strong commitment to 
homeownership from Members from both sides of the aisle. I want to 
commend the people in our committee who have worked really hard: 
Chairman Oxley and Ranking Member Barney Frank, also subcommittee 
Chairman Ney and Maxine Waters. We have come together on many issues. 
We have put aside personal issues that we might disagree on, and we 
said, what can we do positively together to create a better environment 
for housing, understanding that people at all sectors of society need 
to own a home, and how can we eliminate programs that hinder them from 
doing that.
  I am confident due to this teamwork we will have success in years to 
come and continue to increase homeownership nationwide.
  National Homeownership Month is a reminder of the importance of 
housing issues in America. I urge my colleagues to support this 
resolution, and I encourage all of us, as we go through our practices 
of trying to pass good and reasonable laws for this country, to look at 
policies that encourage homeownership rather than discourage 
homeownership.
  Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker and Members, homeowners confer benefits to the 
communities in which they live. Homeowners vote and participate in 
important community organizations such as our schools. Homeownership 
benefits distressed neighborhoods, resulting in increased property 
values and more stable communities. Stability is the key to improving 
the quality of life in America. Homeownership in America is the key to 
stability.
  Despite the benefits of homeownership in America, some Americans 
still are not benefiting from homeownership. African Americans and 
Latinos still lag behind others in their rates of homeownership. 
According to the ``National Urban League's State of Black America 
Report for 2006,'' less than 50 percent of African American families in 
America own their own homes. The rate of homeownership is about the 
same for Latinos, approximately 49 to 50 percent.
  Another poignant fact is that some of the disparity in homeownership 
rates for these groups is the result, sometimes, of discrimination and 
predatory lending. The Center for Responsible Lending just completed a 
major study which found that African Americans are still more likely to 
receive higher-rate home purchase rates and refinance loans than 
similarly situated white borrowers, particularly for loans with 
prepayment penalties. African Americans with prepayment penalties on 
their subprime mortgages were 6 to 34 percent more likely to receive a 
higher-rate loan than if they had been white borrowers with basically 
the same qualifications or risk factors. Indeed, Latino borrowers had 
the same experience as African Americans. Latino borrowers purchasing 
homes were 29 to 142 percent more likely to receive a higher-rate loan 
than if they had been a non-Latino white borrower. Each of the above 
findings was also

[[Page 12727]]

documented in a Federal Reserve study last year.
  These findings are very real for African Americans and Latinos, and 
that should be enough. What the findings mean is that African Americans 
and Latinos still face obstacles to homeownership that other Americans 
do not face. Obstacles to homeownership are obstacles to the 
achievement of our vision. If homeownership in particular is the key to 
stronger and healthier communities, financial independence and the 
accumulation of wealth in America, then it is essential that we not 
only recognize June as National Homeownership Month, but that we commit 
ourselves to eliminating obstacles to homeownership for all Americans.
  As such, I ask all of my colleagues to support June as National 
Homeownership Month of 2006 as embraced by H. Res. 854. Remember, we 
continue to pursue a broad range of policies and programs to encourage 
homeownership opportunities in America.

                              {time}  1245

  We have fought to restore budget cuts that have been proposed from 
time to time in funding for Federal programs to promote homeownership, 
including CDBG, HOME and HOPE VI. We have led efforts to raise FHA loan 
limits so that middle-income families in high-cost areas like Los 
Angeles have affordable mortgage loan options.
  And I want to tell you, the bill that was alluded to by Mr. Ney, our 
chairman, on FHA is exciting. It will be coming up on this floor to 
receive support from this Congress, and it will be one of the most 
profound pieces of legislation that have been passed on this floor 
certainly in this session and for a long time.
  This will not only revitalize FHA, it will increase the loan limits. 
Because the price of housing has been rising so quickly that FHA was 
not able to accommodate those who still need affordable housing, and we 
will afford to FHA borrowers the opportunity to participate in new 
opportunities, no down payment products, et cetera. So I am very much 
looking forward to that.
  I am joining with Mr. Ney and others, and we are leading the effort 
today to make FHA relevant again to the needs of first-time home buyers 
and working families. We must do all we can to ensure that this goal is 
achieved.
  As we recognize the month of June as National Homeownership Month for 
2006, we must recognize that the American dream still escapes many in 
America. When this is no longer true, we will be able to celebrate 
homeownership in America not as a dream for some but as a reality for 
all Americans.
  Mr. Speaker and Members, those of us who work on this issue from both 
sides of the aisle and in our committee, sometimes we push very hard 
and we are a little tough because we know that there are working 
families out there who work every day, who pay their bills on time, 
they pay their utility bills, they pay their other bills, but they 
still are not able to get a mortgage and have a home for themselves and 
their families, but they deserve it. And so we look very closely at 
what these financial institutions are doing.
  None of us like predatory lending. We don't mind having a subprime 
market, but it must be a subprime market that will allow people to buy 
a home and perhaps even sometimes start out with a little bit higher 
interest rate, but they must be reduced as those homeowners demonstrate 
their ability to pay for these mortgages.
  We don't like our American workers to be taken advantage of. We don't 
want them to have high interest rates that are above and beyond what 
the average borrower would be able to get. We don't like the fact that 
Americans lose homes. We want everybody who enters into this business, 
this contract, of buying a home to be able to pay that mortgage and to 
be able to hold onto that home.
  Let me just close by saying this. I am so adamant about homeownership 
and understanding what it can do because I can recall when I was a 
single parent with two children and was able to put together a down 
payment to purchase a little home that I paid $26,000 for. Just a 
couple of years ago, I sold it for almost a half million dollars. Just 
think, if every American had the opportunity to get into purchasing a 
home, just realize the amount of wealth that could be created not only 
to start businesses, to pay for education but also to be there for 
retirement in our old age.
  So I am perhaps a very vocal and a very persistent supporter of 
homeownership because I know what it can do and I know what 
opportunities are afforded to all Americans who have the ability to do 
this.
  I will reserve, if I have any, the balance of my time.
  Mr. NEY. Mr. Speaker, again I want to thank Congressman Miller from 
California for bringing this resolution which continues to focus, of 
course, on June as homeownership month but continues to put this issue 
out on the table.
  We have done that with the Housing Opportunity Subcommittee through 
our ranking member. We were the first committee of the House to go to 
New Orleans and Gulfport, Mississippi, where, believe me, there are so 
many issues for people, but housing and shelter, not being in a shelter 
but housing and to be sheltered from the elements, were the number one 
issue down there.
  We have addressed, also, so many pieces of legislation, I think it 
has to make our committee feel good in the sense that they have done 
something. We won't know the faces or the names of people, in fact, 
that will now be able to have homeownership or with section 8 to be 
into apartments, we won't know who they are, but acts of the Congress, 
working together, which is the right thing to do, will help with the 
people's lives.
  I just want to, on a personal note, say I can remember after World 
War II, and my father came out of World War II, it took from that 
period of time to 1963 to, in fact, be able to save enough.
  And I have talked to the gentlelady about down payments. I am one who 
firmly believes that we should help people. Because to take 13 years to 
save for something, it is a long time.
  There is a famous poet, Langston Hughes, who said, ``Dream your 
dreams, and be willing to pay the sacrifice to make them come true.'' 
People are willing to sacrifice for that dream of a home, but we, as 
the government, have to help them. There is a certain point where so 
much sacrifice has to be given, it is not helping with the family. That 
is what we need to do.
  People will be out there. They will try to make their living, try to 
pay their bills, try to get into their home. But what we are doing in 
this committee and what we have to continue to do, and I am sure we 
will with the ranking member and the gentlelady from California and 
with her tenacity on this issue, her concern for people, as the members 
of the committee have been concerned about these issues, we will 
continue to do that. Because people are willing to sacrifice. But we 
have got to help them along, and we have got to give them some 
assistance as a government.
  I am very proud of the subcommittee and very proud of Mr. Miller and 
the resolution.
  Mr. Speaker, I yield back the balance of my time.
  Ms. WATERS. Mr. Speaker and Members, in closing, let me just say what 
a pleasure it has been for me serving on this subcommittee with 
Chairman Ney. Not only has he provided strong leadership for 
homeownership, as he alluded to, we have made visits not only in 
California but in Louisiana and Mississippi, not only looking at CDBG 
and section 8 and these very important programs that are helping 
Americans have decent and safe living conditions but leading to 
homeownership oftentimes.
  The attention that was paid to Katrina victims and what took place in 
the gulf coast region has not been matched by anyone. Mr. Ney took it 
upon himself and his committee to go there and to spend the time taking 
a look at all aspects of this disaster.
  And while we were there, we were able to understand what the 
insurance companies were or were not doing. We were able to understand 
what was happening with public housing. We were able to understand what 
was happening

[[Page 12728]]

with the trailers, who was getting them, who was not getting them. And 
we were able to work very closely with Mr. Baker, with Mr. Jefferson 
and with others who come from that region to begin to talk about how we 
are going to build homes, how we are going to replace those homes, how 
we are going to be able to use CDBG funds to make sure that people have 
the opportunity to not only rebuild their homes but to restore their 
lives.
  With that, Mr. Speaker, again I thank Chairman Ney. I thank Vice 
Chairman Miller.
  Mr. HINOJOSA. Mr. Speaker, I rise in strong support of House 
Resolution 854, a resolution recognizing June 2006 as National 
Homeownership Month, a time for individuals and families to reach for 
part of the American dream and purchase a home of their own.
  In recognition of National Homeownership Month and in my capacity as 
Chairman and Co-founder of the Congressional Rural Housing Caucus, I 
became an original co-sponsor of House Resolution 854.
  In the United States, each individual has the opportunity to own a 
home of their own. Homeownership inspires civic responsibility. 
Homeowners are more likely to vote and get involved with local issues.
  Families owning a home are able to offer children a stable living 
environment. In many cases, homeownership influences a child's personal 
development in many positive, measurable ways.
  Twenty percent of our Nation's population lives in rural communities, 
yet a majority of these families live in substandard housing 
conditions.
  These communities simply do not have the resources--either economic 
or infrastructure--to address the problems of substandard housing. The 
gap between the haves and have nots continues to grow, especially in 
rural America. Now is the time to stem this tide.
  According to the Census Bureau, 48 percent of African-Americans; and, 
50 percent of Hispanics owned a home as of the first quarter in 2006. 
While many gains have been made, lagging minority homeownership rates 
are a serious concern to me and Congress.
  Rural America and minorities are in dire need of housing assistance--
and we should all strive to make every month ``homeownership month.''
  Mr. Speaker, I urge my colleagues to support this resolution.
  Mr. NEUGEBAUER. Mr. Speaker, I thank my colleague from California--
and fellow homebuilder--Congressman Miller, for his sponsorship of this 
resolution.
  More Americans own their home than ever before. Nearly 70 percent of 
American's are homeowners. So it is a good time for us to asses the 
positive impacts of homeownership on families, communities and on the 
nation's economy.
  When a family owns their own home, they have a greater stake in their 
community. In addition to shelter, that family also has an asset that 
appreciates in value.
  Communities with high rates of homeownership often have residents who 
are more involved in local schools, civic organizations and churches.
  Housing has led our nation's economic expansion over the past few 
years, accounting for 16 percent of our Gross Domestic Product. New 
housing starts and home sales hit record levels from 2003 through 2005.
  Although housing sales and starts have cooled to more typical levels, 
the housing market remains strong and sound. Without the expansion of 
homeownership and the strength of our housing market, our nation would 
not have the economic growth we are experiencing today.
  It is important that Congress pass tax, regulatory and housing 
finance polices to continue this growth and to help make the dream of 
homeownership a reality for even more Americans.
  The Housing Subcommittee has advanced legislation this year that 
modernizes the Federal Housing Administration. In order for FHA to 
continue to offer assistance to first-time buyers and buyers with lower 
incomes, FHA needs more flexibility to keep pace with changes in the 
mortgage marketplace. The House needs to approve H.R. 5121.
  When regulations on the housing industry are reasonable, the cost of 
housing goes down. Regulatory relief is needed to make housing more 
affordable to more Americans.
  One step Congress should take to make regulations more reasonable is 
passage of H.R. 5558, which makes common-sense reforms to storm water 
permitting.
  Before coming to Congress, I spent a lot of time in the housing 
business. The housing market has been through ups and downs, but 
through all the changes, home ownership continues to be vital for 
families, communities and the nation's economy.
  This resolution today affirms Congress' support for homeownership and 
the importance of homeownership in our country.
  I urge support for the resolution and support for sound housing 
policies in Congress. 
  Ms. WATERS. Mr. Speaker, I yield back the balance of my time.
  The SPEAKER pro tempore (Mr. Kline). The question is on the motion 
offered by the gentleman from Ohio (Mr. Ney) that the House suspend the 
rules and agree to the resolution, H. Res. 854.
  The question was taken; and (two-thirds having voted in favor 
thereof) the rules were suspended and the resolution was agreed to.
  A motion to reconsider was laid on the table.

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