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Tuesday, April 10, 2001

President's Budget Greatly Expands Homeownership Opportunities

HUD will help more Americans achieve homeownership and better serve communities across the nation with President Bush's proposed 6.8 percent increase in HUD's fiscal year 2002 budget, Secretary Martinez said at HUD's budget news conference yesterday.

"This budget helps more people, provides opportunities for Americans in low income communities and provides more support for those with special needs," Martinez explained.

Flanked by two Maryland families soon making the move from renters to homeowners, Martinez revealed specific details of President Bush's proposed $30.4 billion budget, including several key programs that focus on minority home ownership.

"We were living in a one-bedroom apartment with the three boys sleeping in one room and me on the couch," explained future homeowner Helena Spencer. "Habitat for Humanity and HUD are making it possible for us to move away from the drugs and the violence."

"This budget provides Habitat for Humanity and organizations like Habitat with additional resources to help more families," Martinez said.

"We want to give as many Americans as possible a stake in their neighborhood and a concern for its future," Martinez said. "The sad fact is only 46 percent of Hispanic and African American families own their own homes. And we must do better."

The President's budget includes a Renewing the Dream tax credit to encourage investors to develop housing for low-income families. This tax credit will help build 100,000 new homes in low-income areas over the next five years.

This budget also adds a new initiative called the American Dream Down Payment Fund, to help low-income people with their down payment on a home of their own. By putting $1 billion into the American Dream Fund over the next five years, HUD's goal is to make owners of 650,000 low-income families.

HUD will also offer assistance to low-income renters who want to become homeowners by expanding the use of Section 8 vouchers for home ownership. "Bringing the pride of home ownership to more and more Americans is definitely one of the goals of this budget," Martinez added.

Read the full announcement

Get more details about HUD's proposed FY 2002 Budget