[Weekly Compilation of Presidential Documents Volume 41, Number 21 (Monday, May 30, 2005)]
[Pages 885-886]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Proclamation 7906--National Homeownership Month, 2005

May 25, 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

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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

[Filed with the Office of the Federal Register, 8:45 a.m., May 27, 2005]

Note: This proclamation will be published in the Federal Register on May 
31.