"This Administration will constantly strive to promote an ownership society in
want more people owning their own home. It is in our national interest that more people own
their own home. After all, if you own your own home, you have a vital stake in the future
of our country."
- President George W. Bush, December 16, 2003
The US homeownership rate reached a record 69.2 percent in the second quarter
The number of homeowners in the United States reached 73.4 million, the most ever. And for
the first time, the majority of minority Americans own their own homes.
The President set a goal to increase the number of minority homeowners by 5.5
families by the end of the decade. Through his homeownership challenge, the President
called on the private sector to help in this effort. More than two dozen companies and
organizations have made commitments to increase minority homeownership - including pledges
to provide more than $1.1 trillion in mortgage purchases for minority homebuyers this
President Bush signed the $200 million-per-year American Dream Downpayment
Act which will
help approximately 40,000 families each year with their downpayment and closing costs.
The Administration proposed the Zero-Downpayment Initiative to allow the
Administration to insure mortgages for first-time homebuyers without a downpayment.
Projections indicate this could generate over 150,000 new homeowners in the first year
President Bush proposed a new Single Family Affordable Housing Tax Credit to
supply of affordable homes.
The President has proposed to more than double funding for the Self-Help
Opportunity Program (SHOP), where government and non-profit organizations work closely
together to increase homeownership opportunities.
The President proposed $2.7 billion in USDA home loan guarantees to support rural
homeownership and $1.1 billion in direct loans for low-income borrowers unable to secure a
mortgage through a conventional lender. These loans are expected to provide 42,800
homeownership opportunities to rural families across America.