For Immediate Release
Office of the Press Secretary
May 25, 2005
National Homeownership Month, 2005
A Proclamation by the President of the United States of America
For millions of individuals and families, the American Dream starts
with owning a home. When families move into a home of their own, they
gain independence and confidence, and their faith in the future grows.
The spread of ownership and opportunity helps give our citizens a vital
stake in the future of America and the chance to realize the great
promise of our country.
From the earliest days of our Nation, homeownership has embodied
the core American values of individual freedom, personal
responsibility, and self-reliance. A home provides children with a
safe environment in which to grow and learn. A home is also a tangible
asset that provides owners with borrowing power and allows our citizens
to build wealth that they can pass on to their children and
grandchildren.
The benefits of homeownership extend to our communities. Families
who own their own homes have a strong interest in maintaining the value
of their investments, the safety of their neighborhoods, and the
quality of their schools. Homeownership is also a bedrock of the
American economy, helping to increase jobs, boost demand for goods and
services, and build prosperity.
More Americans than ever own their own homes, but we must continue
to work hard so that every family has an opportunity to realize the
American Dream. In 2002, I announced a goal to add 5.5 million new
minority homeowners by the end of the decade. Since then, we have
added 2.3 million new minority households. My Administration has also
set a goal of adding 7 million new affordable homes to the market
within the next 10 years. In my FY 2006 budget, I proposed a single
family housing tax credit and two mortgage programs the Zero
Downpayment mortgage and the Payment Incentives program to help more
families achieve homeownership. In 2003, I signed the American Dream
Downpayment Act, and I have proposed more than $200 million to continue
the American Dream Downpayment Initiative to provide downpayment
assistance to thousands of American families. By promoting initiatives
such as financial literacy, tax incentives for building affordable
homes, voucher programs, and Individual Development Accounts, we are
strengthening our communities and improving citizens' lives.
NOW, THEREFORE, I, GEORGE W. BUSH, President of the United States
of America, by virtue of the authority vested in me by the Constitution
and laws of the United States, do hereby proclaim June 2005 as National
Homeownership Month. I call upon the people of the United States to
observe this month with appropriate ceremonies and activities
recognizing the importance of homeownership.
IN WITNESS WHEREOF, I have hereunto set my hand this twenty-fifth
day of May, in the year of our Lord two thousand five, and of the
Independence of the United States of America the two hundred and twenty
ninth.
GEORGE W. BUSH
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