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President Bush Stumps for Housing in New Mexico - 4/5/2004 - Real Estate House Home Condo

President Bush Stumps for Housing in New Mexico

President Bush met with builders, first-time home buyers and local officials and citizens in Albuquerque on March 26 to discuss the Administration’s efforts to promote homeownership.

 

In an outdoor address at the Expo New Mexico state fairgrounds, Bush publicly thanked the members of the Home Builders Association of Central New Mexico for their work in housing their community.

The President cited several areas that are also important NAHB priorities: enacting a homeownership tax credit to provide incentives to produce an additional 200,000 affordable homes over five years; making zero downpayment loans possible for those whose mortgages are insured by the Federal Housing Administration; adopting regulatory reform to save small businesses money and eliminate needless paperwork; instituting association health plans for small businesses so that they can pool their risk and find affordable insurance; and passing class action tort reform legislation in Congress.

Stressing the importance of an ownership society, Bush said: “We want more people owning something because when someody owns something, they have a vital stake in the future of the country. The more people who own their home, the better off America is. And we’re making good progress. Our nation’s 68% homeownership rate is the highest ever. More people own homes now than ever before in the country’s history, and that’s exciting for the future of America.”

 
 

Still, the President acknowledged there’s a homeownership gap that exists for minorities, and said that there has been significant progress since he announced in June 2002 a goal of adding 5.5 million new minority home owners in America by the end of the decade.

“Since then, more than 1.5 million minority families have moved into houses of their own. And for the first time, most minorities own their own home,” he said.

Bush shared a conversation he had with Lori Benavidez, a single mother who recently moved into her own home in Albuquerque with the help of a federal homeownership program.

“Here’s what Lori said: ‘I never thought the day would happen when my girls and I would be sitting in our own home. It’s a miracle.’”

Homeownership was high on the White House agenda last month. President Bush made similar stops in Pennsylvania and Arizona to tout the benefits of housing and discussed homeownership in a national radio address on March 27.


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