September 08, 2003

The House of Representatives passed President George W. Bush's initiative on homeownership. The bill is designed to help tear down barriers that stand in the way of homeownership for low- income families. While more than two-thirds of Americans own their own home, fewer than half of African American and Hispanic families are homeowners. "Homeownership is the key to upward mobility for low and middle-income families. It is the cornerstone of America's communities, a source of pride, stability and a long-term financial investment that provides financial security for families," said Ed Gillespie, Chairman of the Republican National Committee (RNC).

Republicans understand and are working to address the challenges faced by Americans in trying to become homeowners. This legislation is especially designed to address the issues faced by low-income African American and Latino homebuyers. The American Dream Downpayment Act is the first step in bridging the homeownership gap in our country.

This Act will provide:

* $200 million annually in grants for low-income first time homebuyers.

* 40,000 low-income families per year will receive up to $5,000 in assistance with down payments.

* Construction of 1,000 single-family homes generating nearly 2,500 jobs.

"African Americans and Latinos will benefit from the new legislation since it provides much needed money to assist residents in the purchasing of a home. The benefits of this bill will not only help new homeowners, but will also
contribute to job creation, adding to the increased momentum of the nation's economic recovery," said Pamela Mantis, RNC Deputy Press Secretary.

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