    [Public Papers of the Presidents of the United States: George W. Bush (2002, Book I)]
    [June 15, 2002]
    [Pages 996-997]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    June 15, 2002

        Good morning. Owning a home lies at the heart of the American Dream.
    A home is a foundation for families and a source of stability for
    communities. It serves as the foundation of many Americans' financial
    security. Yet today, while nearly three-quarters of all white Americans
    own their homes, less than half of all African Americans and Hispanic
    Americans are homeowners. We must begin to close this homeownership gap
    by dismantling the barriers that prevent minorities from owning a piece
    of the American Dream.
        The single greatest hurdle to first-time homeownership is a high
    downpayment requirement that can put a home out of reach, so my
    administration is proposing the American Dream Downpayment Fund. When a
    low-income family is qualified to buy a home but comes up short on the
    downpayment, the American Dream Downpayment Fund will help provide the
    needed funds. We estimate that this fund will open the door to
    homeownership for 40,000 low-income families annually.
        A second obstacle to minority homeownership is a lack of affordable
    housing. To encourage the production of single-family homes for sale in
    neighborhoods where affordable housing is scarce, my administration is
    proposing a single-family affordable housing credit. Over the next 5
    years, this will provide developers nearly $2.4 billion in tax credits
    for building affordable single-family housing in distressed areas. These
    credits will make 200,000 new homes available over its first 5 years to
    low-income purchasers.
        A third major obstacle to minority homeownership is the complexity
    and difficulty of the purchasing process, so we're stepping up our
    efforts to better educate first-time home buyers. Consumers need to know
    their rights and responsibilities as home buyers. Education is the best
    protection for families against abusive and unscrupulous lenders.
    Financial education and housing counseling can help protect home buyers
    against abuses, greatly improve the loan terms they are offered, and
    help families get through tough times with their homes intact.
        Through these important initiatives, we can help thousands of
    American families live the kinds of lives they had once only dreamed
    about. But Government action isn't enough. We need to energize and
    engage the private sector as well. That is why I have challenged the
    real estate industry leaders to join with the Government, with non-
    profit organizations, and with private-sector financial institutions in
    a major nationwide effort to increase minority homeownership.
        My approach to broadening homeownership focuses on empowering people
    to help themselves and to help one another. These important initiatives
    will accomplish their purpose because Americans, working together and
    taking responsibility for one another, will make this great country even
    greater.
        The strength of America lies in the honor and the character and good
    will of its people. When we tap into that strength, we

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    discover there is no problem that cannot be solved in this wonderful
    land of liberty.
        Thank you for listening.

    Note: The address was recorded at 11:42 a.m. on June 13 in the Cabinet
    Room at the White House for broadcast at 10:06 a.m. on June 15. The
    transcript was made available by the Office of the Press Secretary on
    June 14 but was embargoed for release until the broadcast. The Office of
    the Press Secretary also released a Spanish language transcript of this
    address.