MBA releases 2004 cost study

MBA releases 2004 cost study

August 24, 2005

HUD reports 3Q homeownershipMortgagePress.comHUD,George W. Bush,Minority Housing
According to the U.S. Department of Housing and Urban
Development, there are now 73.7 million homeowners in the United
States, more than any time in history. As reported in Census Bureau
third quarter data, this figure is 323,000 higher than the previous
record set in the second quarter of 2004 and almost 1.6 million
more than the third quarter of 2003. Minority homeownership was
also at an all-time high in the third quarter. There are now 15.2
million minority homeowners in the U.S.
In June 2002, President George W. Bush set a goal to create 5.5
million new minority homeowners by the end of the decade. Since the
launch of the president's Minority Homeownership Initiative, there
has been a net increase of 1.8 million minority homeowners. In
addition to the funding, these existing AIDS housing programs are
committing $6 million in matching funds and have generated another
$27.5 million from other resources to further assist individuals
with HIV/AIDS and their families. These projects are expected to
provide housing assistance to more than 2,000 persons over each of
next three years.
"These numbers, combined with news that sales of previously
owned homes jumped 3.1 percent in September, show that housing
continues to lead the way in our rapidly recovering economy," said
Housing and Urban Development Secretary Alphonso Jackson.
"President Bush is committed to building on these accomplishments
because he believes that people from every walk of life should have
the opportunity to become homeowners. The President's housing
initiatives will break down the barriers and pave the way for more
Americans, particularly minorities, to achieve that dream."
In June, HUD announced $161.5 million in funding for the
American Dream Down Payment Initiative (ADDI), to provide down
payment and closing costs assistance to 40,000 low-income families
a year. In March, HUD announced new adjustable-rate mortgage
products that will make homeownership available to an additional
40,000 families annually. And in January, HUD announced the FHA
Zero Down Payment Initiative, which, with the support of Congress,
could generate an additional 150,000 homebuyers in its first
Other administration proposals aimed at increasing the
production of affordable housing and helping more low-income,
minority families become homeowners include: a $78 million increase
for the department's HOME Investment Partnerships Program, which
will boost the supply of housing that is affordable to low-income
families; and a request for an additional $5 million for housing
counseling to help thousands more low-income individuals and
families find and maintain homes.
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