Just in time for the election, the White House has announced that it
successfully hits own goal of having more than 67.5 percent of Americans own
their own homes by the end of 2000.
Housing Secretary Andrew Cuomo said according to the latest HUD figures, 67.7
percent of Americans now consider themselves homeowners. The administration
set the 67.5 goal in 1995 at the beginning of President Clinton's second term
of office.
In raw numbers, HUD says there are now 71.6 million U.S. homeowners.
The announcement was accomplanied by a statement from Clinton, saying, "Vice
President Gore and I came to office committed to a strategy to make it easier
for American families to buy their own homes. By providing record levels of
homeownership loan assistance, increasing the availability of affordable
housing, providing incentives to save for a home purchase, and maintaining
our commitment to fiscal discipline that has kept interest rates low, we have
worked to ensure that every family has the opportunity to own their own home.
"I would like to particularly thank Vice President Gore and Secretary Cuomo
for working with families, especially in low-income and empowerment
communities to help make homeownership a reality."
The administration set the home ownership goal in its belief that homeowners
have take more interest in their neighborhoods and communities.
Cuomo pointed out that the increase in homeownership was spread across all
sectors.
He said 46.7 percent of Hispanics families now own their own homes; 51.9
percent of the central city residents; 53.3 percent of households headed by
women; 52.2 percent of a households earning less than the median family
income; and 61 percent of married couples younger than 35.
Cuomo said a number of factors helped bring about the record levels:
Lower mortgage interest rates for much of the late '90s contributed
substantially to overall improvement in the housing market.
Innovative loans packages that lower the downpayment requirements.
Reforming HUD.
Improving funding for HUD's community development block grants.
Building new homes. HUD and the Home Builders have signed an agreement to
build an additional 1million new homes in the next 10 years.
Permitting renters to use vouchers to help buy homes.
During his election-year campaigning, Gore has said housing would further
improve under a Gore administration. He said he would target 70 percent home
ownership for his term of office.
Published: October 30, 2000
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