Even in this country, ages ago, land ownership was a man’s key to voting and participating in our American democracy. While our voting laws have changed significantly since those days, our instincts about creating and possessing a unique space for ourselves and our families have not.
A Gap in Homeownership
In America today, homeownership is at a record high. Unfortunately, however, there remains a significant gap between minority and non-minority populations, leaving homeownership an elusive financial prospect for many.
Less than half of the nation’s African American and Hispanic American households live in their own homes, which means they are unable to enjoy all the wonderful benefits that come with homeownership. In Congress, it is our job — and this month, our focus — to ensure that the American Dream is accessible for all of our citizens.
The House and Senate have been working to lessen the tax burden on the country’s families, to spur the economy and create jobs, to develop policies so that every child receives a solid education and to make health care available for all.
In addition to bolstering these opportunities for success, we now look towards homeownership as another incredible way to empower Americans and to help them reach their goals.
Legislation to Bolster Homeownership Opportunity
To this end, I have introduced legislation over the past few years that would allow low-income Americans to save and invest their money in Individual Development Accounts (IDAs). These accounts provide families with a chance to accrue funds that can help them afford higher education, payment on a first home or capital to start a new business.
Just this spring, Sen. John Kerry (D-MA) and I drafted and sponsored the Community Development Homeownership Tax Credit Act, a bill that enjoys strong bipartisan support in the Senate and would give developers and investors an incentive to participate in the rehabilitation and construction of homes for low- and moderate-income buyers.
Additionally, I am a cosponsor of the American Dream Downpayment Act, which gives downpayment assistance to hard-working citizens who need a hand in securing the funds for their first home. Downpayments and closing costs are very often the barriers keeping the country’s families from purchasing a home.
The measures mentioned above are intended to help people pull together these resources, and they are aimed at reaching President Bush’s goal of increasing American minority homeownership by 5.5 million families, and making 5.5 million new dreams come true.
As testament to the genuine interest with which Congress approaches the topic of homeownership, both chambers passed a resolution expressing the sense of all members that everyone in our country deserves to have a decent home and that members should take part in activities, such as Habitat for Humanity, that help to make this possible.
Owning a home is an integral part of attaining the security, continuity and comfort of living the American Dream. I will continue to advocate policies, this month and every month, that help make this dream become a reality for the nation’s families.
Sen. Rick Santorum (R-PA) is now the third ranking Republican in the Senate. As conference chairman, he directs the communications operations of the Senate Republicans and is the youngest member of their leadership. He is a member of the Finance, Banking and Rules Committees.
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