Minority Homeownership Passes 50% Mark

(Sunday, April 04, 2004) - For the first time in history, more than half of the minority households in the United States own their own homes. Minority homeownership passed the critical 50% mark in the fourth quarter of 2003 when it reached 50.6%.

"This administration is committed to helping all Americans address this (downpayment) barrier to homeownership, including minority families who have been shut out of homeownership opportunities in the past," said Federal Housing Commissioner John Weicher. "There are now 14,852,000 minority homeowners."

Weicher made these comments and quoted these figures while testifying before the House Subcommittee on Housing and Community Opportunity. During his testimony, he endorsed the Zero Down Payment Initiative that the Bush administration has proposed.

"Under this new program, the Federal Housing Administration will insure 100% of the cost to acquire the home for the first-time homebuyers, allowing them to finance the full purchase price as well as all of the closing costs," Weicher explained.

About two years ago, President Bush announced that his administration had set a goal of creating 5.5 million new homeowners by the end of the decade.

"The Zero Down Payment Program would move the nation significantly closer toward this goal," Weicher said.

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