Ownership for the majority of the minorities. That's the new goal of the Clinton Administration, which wants to boost the home owner rate among African Americans and Hispanics beyond the 50 percent level within three years.

To achieve that percentage, an additional 423,000 African American families and 420,000 Hispanics would have to become owners, according to the Department of Housing and Urban Development.

At the end of this year's first quarter, more than 73 percent of all white households across the land owned the roofs over their heads. And the ownership rate among all Americans was at a record 67.1 percent.

Nevertheless, only 47.8 percent of all African American households and 45.7 percent of Hispanic households were owners.

To reach its intended target, HUD Sec. Andrew Cuomo committed the Federal Housing Administration to insure 765,000 mortgage for members of the two minorities. And he called on the private sector to pitch in by pushing the initiative over the top.

"I believe we can and we must reach this historic goal," the Secretary said in a statement released on Saturday. "The dream of home ownership isn't reserved for white families it's an American dream and it's open to every family in our country."

Even though the ownership rate among blacks is already at a record high, and the rate among other minorities are near their peaks, Cuomo said the gap between whites and minorities is still much too large.

Ownership among minorities has made great strides over the last seven years. During that time, the number of black and Hispanic owners has increased by nearly 3.5 million, and the FHA has backed the loans of about 1.5 million of them.

Indeed, the FHA has increased its focus on serving minorities. The percentage of federally-insured home loans going to minorities has risen from 22 percent in 1993 to 38 percent in 1999. That far exceeds the percentage of private sector loans issued to minorities.

"We have completed our reforms of the way FHA does business," Cuomo said in the state, "and now we have more capacity than ever to serve minority households."

Studies have shown that home owners accumulate more wealth as their investments in their homes grows, enjoy better living conditions, are often more involved in their communities and have children who tend to better in school and are less likely to become involve with crime. Communities benefit from real estate taxes paid by property owners and from the stability owners bring to their neighborhoods.

Published: June 13, 2000

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When Lew Sichelman first started writing about housing in 1969, he was the youngest real estate writer in the country. Now, 37 years later, he's one of the oldest -- and most decorated. He has been rated the top housing columnist in the country by the National Association of Realtors as well as by his peers in the National Association of Real Estate Editors. Indeed, NAREE has recognized his work on numerous occasions. One year - due to his advancing age, he can't recall which one - he earned top honors in the annual NAREE Journalism Contest in three out of the four major writing categories. It was the first time one writer has won so many NAREE awards in a single year. Known for his ability to make even the most difficult topics understandable, Sichelman also has been honored by the National Association of Home Builders and the Mortgage Bankers Association. He began providing in-depth coverage of and consumer-oriented information about housing and housing finance at the Washington Daily News, where he was real estate editor. He held that same position for nine more years at the Washington Star, which purchased the News in 1972. The Star, a so-called "writer's newspaper" which also had the misfortune of being an evening paper, was put out of its misery in 1981, and Sichelman, who had begun self-syndicating his column in 1978, decided to become a full-time columnist. Today, his column, "The Housing Scene," is distributed by United Media to newspapers throughout the country. He also is on the staff of National Mortgage News, an independent newspaper which is considered the bible of the mortgage business. And he writes for numerous other publications, including MarketWatch.com, where he answers readers questions once a week, Sports Illustrated (don't ask), RealtyTimes.com, BigBuilder and others. Sichelman is married, the father of five and grandfather of eleven.