[United States Statutes at Large, Volume 119, 109th Congress, 1st Session]
[From the U.S. Government Publishing Office, www.gpo.gov]

 
PROCLAMATION 7906--MAY 25, 2005

[[Page 3754]]
119 STAT. 3754

Proclamation 7906 of May 25, 2005
National Homeownership Month, 2005
By the President of the United States of America
A Proclamation
For millions of individuals and families, the American Dream starts with
owning a home. When families move into a home of their own, they gain
independence and confidence, and their faith in the future grows. The
spread of ownership and opportunity helps give our citizens a vital
stake in the future of America and the chance to realize the great
promise of our country.
From the earliest days of our Nation, homeownership has embodied the
core American values of individual freedom, personal responsibility, and
self-reliance. A home provides children with a safe environment in which
to grow and learn. A home is also a tangible asset that provides owners
with borrowing power and allows our citizens to build wealth that they
can pass on to their children and grandchildren.
The benefits of homeownership extend to our communities. Families who
own their own homes have a strong interest in maintaining the value of
their investments, the safety of their neighborhoods, and the quality of
their schools. Homeownership is also a bedrock of the American economy,
helping to increase jobs, boost demand for goods and services, and build
prosperity.
More Americans than ever own their own homes, but we must continue to
work hard so that every family has an opportunity to realize the
American Dream. In 2002, I announced a goal to add 5.5 million new
minority homeowners by the end of the decade. Since then, we have added
2.3 million new minority households. My Administration has also set a
goal of adding 7 million new affordable homes to the market within the
next 10 years. In my FY 2006 budget, I proposed a single family housing
tax credit and two mortgage programs--the Zero Downpayment mortgage and
the Payment Incentives program--to help more families achieve
homeownership. In 2003, I signed the American Dream Downpayment Act, and
I have proposed more than $200 million to continue the American Dream
Downpayment Initiative to provide downpayment assistance to thousands of
American families. By promoting initiatives such as financial literacy,
tax incentives for building affordable homes, voucher programs, and
Individual Development Accounts, we are strengthening our communities
and improving citizens' lives.
NOW, THEREFORE, I, GEORGE W. BUSH, President of the United States of
America, by virtue of the authority vested in me by the Constitution and
laws of the United States, do hereby proclaim June 2005 as National
Homeownership Month. I call upon the people of the United States to
observe this month with appropriate ceremonies and activities
recognizing the importance of homeownership.
IN WITNESS WHEREOF, I have hereunto set my hand this twenty-fifth day of
May, in the year of our Lord two thousand five, and of the Independence
of the United States of America the two hundred and twenty-ninth.
GEORGE W. BUSH