Housing Financial Literacy Act of 2017

Mr. Speaker, I rise today as a member of the House Committee on Financial Services' Subcommittee on Housing and Insurance in recognition of June as National Homeownership Month.

For many families across this country, homeownership is the cornerstone of achieving their American Dream.

It has proven to be one of the most effective ways for lower-and middle-income families to build wealth.

Unfortunately, nearly a decade after the 2008 Financial Crisis, realizing the American Dream is still out of reach for too many Americans due to tightened mortgage credit standards throughout the industry.

Each year, National Homeownership Month provides us the opportunity to recognize and identify the significant benefits of homeownership and the resources needed to help more Americans become homeowners.

In that spirit, it is equally important that we continue to support efforts to improve financial literacy in the home buying process through the many housing counseling programs across the country.

That is why I introduced the Housing Financial Literacy Act, H.R. 851, which will help make homeownership a reality for more families by giving first-time homebuyers who complete a Department of Housing and Urban Development-certified housing counseling course a discount on their Federal Housing Administration mortgage insurance premium of 25 basis points.

Let's make the American Dream of homeownership accessible for more Americans this National Homeownership Month and every month throughout the year.