Mr. Speaker, I yield myself such time as I may consume. First of all, I want to thank the gentleman from California (Mr. Gary G. Miller) for his sterling leadership on this issue and for this piece of legislation as we recognize June as…
Mr. Speaker, I yield myself such time as I may consume.
First of all, I want to thank the gentleman from California (Mr. Gary G. Miller) for his sterling leadership on this issue and for this piece of legislation as we recognize June as National Homeownership Month.
Today the House takes up this important housing resolution to recognize National Homeownership Month and the importance of homeownership in the United States. In addition to the gentleman from California (Mr. Gary G. Miller), I certainly want to recognize and thank the gentleman from Ohio (Mr. Oxley), our distinguished chairman of the Committee on Financial Services, for his leadership; the gentleman from Massachusetts (Mr. Frank), our ranking member; the gentlewoman from California (Ms. Waters), our ranking member on the Housing and Community Opportunity Subcommittee; and the gentleman from Ohio (Mr. Ney), our chairman on the Housing and Community Opportunity Subcommittee.
Mr. Speaker, homeownership is a dream that millions of Americans strive to achieve every year. Our national homeownership rate has risen dramatically during the past 50 years and now stands as a record 68.8 percent. This is an extraordinary accomplishment that all Americans should be very proud of.
But in the midst of this record housing boom, there are yet millions of American families, particularly low-income families and minority households, who have been left behind and unable to make this dream a reality.
So as we celebrate June as National Homeownership Month, this Congress must seize on opportunities to help more Americans reap the benefits of owning their own home.
I will just enter into the Record this article from the front page of my home newspaper, the Atlanta Journal Constitution, yesterday, which is headlined ``Black Women Find Places of Their Own,'' written by Janet Frankston, an Atlanta Journal Constitution staff writer. And it starts with this story that I think is very appropriate as we start this. It says: ``The day before she closed on her three-bedroom house, Thommi Odom couldn't eat. `Even at the day of closing, I was physically sick,' said Odom, a 30-year-old information technology manager originally from Savannah. `Just the whole process, knowing I'm ultimately responsible, was very scary.'
``Now, more than 5 years later, Odom has tripled her income and is looking for her second house, an upgrade from her 2,036 square foot home in Lithonia. And now she's not even blinking at the finances.''
She is building wealth, but it started with the purchase of a home.
America's families and neighborhoods and our national economy all prosper from homeownership. Homeownership enables families to build wealth that transcends generations. Homeownership transforms neighborhoods into centers of civic engagement and community strength, and housing is a vital part of the national economy, accounting for about 14 percent of the gross domestic product. Indeed, it is housing that has played an essential role in the economy and the economic recovery over the last 2 years, creating new jobs and serving as an engine of economic growth.
And there is such great news from my home area of metro Atlanta, which I represent. And I represent 11 counties, and of those 11 counties, eight of them are among the fastest-growing counties in terms of homeownership in this Nation. The number of African American homeowners, for example, has increased by 97 percent in the 1990s; yet there is a lot of work to do with African American homeownership that is fluctuating as we speak.
For Hispanics it increased 258 percent, and for Asians it increased 241 percent. These numbers compare to an increase of 38 percent for white homeowners. From 1997 to 2002, conventional mortgage loans to African American women increased by 114 percent.
Clearly, the homeownership gap is closing, and this Congress should be proud of the work that we are doing. But there is much more work to do. We must pass the Financial Literacy Act, which I introduced, and I am working with the gentleman from Ohio (Chairman Oxley) and the gentleman from Ohio (Mr. Ney), subcommittee Chair; and the gentleman from Massachusetts (Mr. Frank) and the gentleman from Pennsylvania (Mr. Kanjorski).
The House of Representatives can take an important step to expand homeownership opportunities by also passing H.R. 3755, the Zero Downpayment Act of 2004. This legislation, which I introduced with the gentleman from Ohio (Mr. Tiberi), would help thousands of families get into homes by helping them overcome one of the top obstacles of homeownership: assembling the necessary funds for a down payment.
H.R. 3755 enjoys strong bipartisan support and passed by the House Committee on Financial Services by voice vote. By swiftly passing this legislation, the House will be paying fitting tribute to National Homeownership Month by helping thousands join America's ownership roster.
[From the Atlanta Journal-Constitution, June 21, 2004]
(By Janet Frankston)
The day before she closed on her three-bedroom house,
Thommi Odom couldn't eat.
``Even at the day of closing, I was physically sick,'' said
Odom, a 30-year-old information technology manager originally
from Savannah. ``Just the whole process--knowing I'm
ultimately responsible--was very scary.''
Now, more than five years later, Odom has tripled her
income and is looking for her second house, an upgrade from
her 2,036-square-foot home in Lithonia. And she's not even
blinking at the finances.
``Making the payments is easy,'' she said, sitting in her
living room with a group of black girlfriends who are also
homeowners. ``The maintenance is difficult.''
In 2003, unmarried women were nearly twice as likely to buy
homes as unmarried men. Single women make up the second-
largest group of homebuyers, according to a nationwide survey
by the National Association of Realtors. In metro Atlanta,
Odom's demographic, single African-American women represent a
particularly fast-growing group.
From 1997 to 2002, conventional mortgage loans to black
women increased in 114 percent in metro Atlanta, a draw for
middle-class blacks from across the nation. That growth
greatly outpaced mortgage loans to white men and white women,
which increased in the region by 35 percent and 26 percent,
respectively. Mortgage growth in the region was highest among
single black men, but they bought fewer homes than single
black women.
Women are buying homes as they gain access to more and
better-paying jobs. They like the tax advantages and want to
start building wealth. And they benefit from a societal shift
that accepts their marrying later or not at all. That shift
is especially prevalent among black women, 64 percent of whom
reported being single in the most recent nationwide census
survey.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, I yield 4 minutes to the gentlewoman from California (Ms. Lee), who has consistently provided sterling leadership to make sure that all Americans have access to home ownership.
Mr. Speaker, I yield 30 seconds to the gentlewoman from California (Ms. Lee).
Mr. Speaker, I yield 4 minutes to the gentleman from Illinois (Mr. Davis), who is a strong voice for working people, to make sure all people have access to housing, and especially those in the lower income and housing projects, of which he represents 80 percent.
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, as has been pointed out in this afternoon's discussion on this very, very important piece of legislation, to own a home is the foundation for wealth building in our country. We are making great progress, but there is yet much more that we have to do, especially when it comes to the minorities, African Americans, and Hispanics, particularly.
But I am so proud to be a part of the Committee on Financial Services and on the Subcommittee on Housing and Community Opportunity, for we are making great progress, and not only making sure that we address the issue of homeownership, but, in addition to that, making sure that we put policies and programs in place that will make sure they maintain those homes and to build on that progress.
A measure that we have in our committee, the Financial Literacy Act, is to make sure that people are not taken advantage of when they do own a home. Very important. A key point of that bill is to set up a toll- free number so that individual homeowners will have access to get information and know where to call to get information before they sign on the dotted line. And it is so important that at the other end of that phone line that there be a human being, not a recorded voice, but a human being answering and responding to that measure. We are very proud of that bill.
Our housing counciling bill under the gentleman from Ohio (Mr. Ney); our zero down payment which eliminates the down payment for those FAA- guaranteed mortgages; and again, an issue that was pointed out by my distinguished friend, the gentleman from California, as well as my ranking member, the gentleman from Massachusetts (Mr. Frank), and that is we must expand FHA loan limits to include high-cost areas like California and Massachusetts; and we are working on that.
Mr. Speaker, free credit reports, and some financial education creative matters that we are working on that I want to mention very briefly as I close. We have got to get down to the nitty-gritty with our young people and start financial literacy programs in the early grades; and I am proud to work with my distinguished colleague, the gentlewoman from Illinois (Mrs. Biggert), in putting forward a piece of legislation that will require financial literacy, age-appropriate, K through 12; and we will get that funded by using the Global Fund of Securities and Exchange Commission. And the gentleman from California (Mr. Dreier) is working to make sure that we set aside monies in the Treasury Department to make people aware of financial literacy programs.
Mr. Speaker, this Congress is doing a wonderful job, and I am so delighted that we are here with this legislation, H.R. 658, to recognize Homeownership Month as the month of June.
Mr. Speaker, I yield back the balance of my time.
Mr. Speaker, on that I demand the yeas and nays.