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2004 HOTC News Archive

Columbus, Ohio – October 7, 2004 –

While it has been by no means a major issue, presidential candidates have each expressed their support for affordable housing in recent forums. In an address to the National Association of Home Builders (NAHB) Board of Directors last week President George W. Bush reiterated his commitment to making housing more affordable through regulatory reform and several legislative proposals, including the Homeownership Tax Credit. Democratic presidential candidate Sen. John F. Kerry expressed his views on affordable housing in written answers to questionnaires sent to both candidates by the Campaign for Housing and Community Development Funding (CHCDF).

Washington, D.C. - August 31, 2004 -

The National Association of Home Builders (NAHB) interviewed President George W. Bush and U.S. Sen. John Kerry, D-Mass., about housing issues. The candidates' responses were featured this week in NAHB's Nation's Building News Online.

Washington, D.C. - August 10, 2004 -

President George W. Bush yesterday published a fact sheet outlining several points of the Administration's political platform that include affordable housing programs, particularly those that encourage homeownership. "America's Ownership Society: Expanding Opportunities" highlights Bush's support for the American Dream Downpayment Initiative, a proposed single-family affordable housing tax credit, the Self-Help Homeownership Opportunities Program and initiatives to simplifying the home buying process and expand financial education efforts. Click here for more information.

Washington, D.C. - July 26, 2004 -

Senate Finance Committee Chairman Charles Grassley, R-Iowa, Ranking Member Max Baucus, D-Mont., and Sens. Gordon Smith, R-Ore., and Kent Conrad, D-N.D., last week included a homeownership tax credit provision designed to spur the production of affordable housing in S. 2761, the Heartland Investment and Rural Employment Act.

Washington, D.C . - June 14, 2004 –

This month marks the third annual National Homeownership Month. In addition to a number of small, local events planned around the country, the U.S. Department of Housing and Urban Development (HUD) is sponsoring Homeownership Expos in Las Vegas, Nev., on Saturday, June 19 and Miami, Fla., on Saturday, June 26. The events are part of a month-long campaign by HUD and its partners to expand homeownership opportunities.

Washington, D.C . - June 3, 2004 –

In celebration of National Homeownership Month, the Homeownership Alliance honored seven individuals this week for their contributions to the expansion of homeownership opportunities in America. The group chose Rep. Artur Davis, Rep. Katherine Harris, President of the National League of Cities Charlie Lyons, Rep. Bob Ney, Gov. Ed Rendell, Rep. Brad Sherman and Sen. Gordon Smith to receive this year's Homeownership Hero awards.

Washington, D.C . - May 25, 2004 –

The Federal Home Loan Bank (FHLB) of San Francisco announced approximately $5.5 million in matching grants to help lower-income residents become homeowners in Arizona, California, Nevada and Texas under the Individual Development and Empowerment Account (IDEA) and Workforce Initiative Subsidy for Homeownership (WISH) programs. Under both programs, the funds may be used for downpayment and/or closing costs. Through the bank's member financial institutions, the IDEA and WISH programs provide as much as $15,000 per household, matching as much as $3 for every dollar contributed by the homeowner toward the purchase of the home.

Washington, D.C . - May 19, 2004 –

Homeownership rates for low- and moderate-income working families with children have declined since the late 1970s, even though the overall U.S. homeownership rate has risen, according to a study released by the Center for Housing Policy, the not-for-profit research affiliate of the National Housing Conference. In new analysis of previously-released government data, The Center for Housing Policy's latest study, "Working Families with Children: A Closer Look at Homeownership Trends," highlights a need for government to promote construction of more affordable homes.

Madison, Wis. - May 18, 2004 –

The Wisconsin Housing and Economic Development Authority (WHEDA) recently launched a mortgage lending program in which immigrants without Social Security numbers can obtain loans. The pilot program, which will provide mortgages through certain banks to applicants with Individual Taxpayer Identification Numbers issued by the Internal Revenue Service (IRS), has received both support and opposition since its launch last month. But Antonio Riley, former state legislator and current executive director of WHEDA, told the Associated Press that the program is necessary to prevent immigrants from being rejected for housing loans and that the Federal Reserve Bank has been encouraging such loans.

Washington, D.C. - May 13, 2004 –

Members of the National Association of Realtors (NAR), concerned about keeping housing affordable for those who earn less than an area's median income, took their concerns to Congressional offices yesterday. Supporting a proposed homeownership tax credit for low-income homebuyers, the NAR lent its backing to programs that would provide tax credits to investors and developers for the production and preservation of housing for these families. It is estimated that homeownership tax credit programs would create 50,000 new units each year. NAR's 2004 Housing Pulse Survey, which will be released soon, shows that the voting public believes that affordable housing is a top voting issue this year. For more on the homeownership tax credit proposals see S. 875, S. 811, S. 198 and H.R. 839.

Los Angeles - April 30, 2004 –

Where a minority family chooses to live heavily influences their decision to rent or own, according to the results of a study at the University of Southern California Lusk Center for Real Estate that examined pathways to minority homeownership. "Mobility, Residential Location and the American Dream: The Intra-Metropolitan Geography of Minority Homeownership: Los Angeles, Chicago, and Washington D.C." is a result of three years of study by the Lusk Center's Stuart Gabriel, Ph.D. and Gary Painter, Ph.D., who were funded by the National Association of Realtors to track pathways to homeownership.

Seattle, Wash. - April 21, 2004 –

Despite federal government policies encouraging home ownership among minority and low-income families, more than half of new homeowners left their houses and returned to renting within five years, according to a new study by Carolina Katz Reid, a University of Washington researcher. One third of the families returned to renting in the first two years. Evidence suggests that low-income families are particularly vulnerable to losing their homes because they are more likely to lose their jobs and have few resources to fall back on, Reid says. For more information, visit American Dream Turns Sour for Many Homebuyers.

Washington, D.C. - April 12, 2004 –

National Association of Home Builders (NAHB) President Bobby Rayburn this week advocated the creation of a homeownership tax credit (HOTC) in his column in Nation's Building News Online, NAHB's weekly newsletter. The HOTC was one of several solutions Rayburn proposed to boost the supply of affordable workforce housing for teachers, police officers, firefighters and other public servants, as well people working in the service and retail industries. He also called for sound land-use and regulatory policies and emphasized the importance of a strong secondary mortgage market.

Washington, D.C. - April 8, 2004 –

The U.S. Department of Housing and Urban Development (HUD) this week proposed new federal regulations that would significantly raise the targeted lending requirements for Fannie Mae and Freddie Mac. HUD estimates that over the next four years an additional one million low-and moderate-income families would be served as a result of the new goals. By statute, HUD sets the annual affordable housing goals that require a percentage of Fannie Mae and Freddie Mac's lending go to underserved borrowers and communities. The proposal is currently under a 15-day congressional review after which the proposed rule will be published in the Federal Register for public comment. In the meantime, an unofficial copy of the rule is available from HUD.

Washington, D.C. - March 30, 2004 –

The U.S. Department of Housing and Urban Development (HUD) today published an interim rule that establishes regulations for a new downpayment assistance component under the HOME Investment Partnerships Program, the American Dream Downpayment Initiative (ADDI). Through the new initiative, HUD will make formula grants to participating jurisdictions to assist low-income families achieve homeownership. This interim rule – effective April 29, 2004 - codifies the statutory formula for allocation of ADDI funds, identifies eligible activities and costs under the initiative and establishes other applicable requirements. HUD will accept comments on the rule until June 1, 2004.

Washington, D.C. - March 11, 2004 –

Fannie Mae this week joined partners including the National Association of Home Builders (NAHB) to launch a major "workforce housing" initiative that would help revitalize 1,000 communities across the United States by expanding the stock of affordable housing for working families. The initiative is part of Fannie Mae's expanded American Dream Commitment® plan. The goal of so-called workforce housing is to ensure that teachers, police officers, firefighters and other public servants can afford to own or rent in the communities that depend on them. In addition to the NAHB, Fannie Mae will work with mortgage lenders, mortgage insurers, nonprofit organizations, housing finance agencies, local government and many other partners.

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