Home Ownership Proposal

President Clinton, Vice President Gore and Housing Secretary Cisneros announced a new home ownership proposal. President Clinton noted that, since 1993, nearly 2.8 million new households have become homeowners. The president indicated that his goal is to boost homeownership to 67.5 percent by the year 2000, which would help as many as 8 million American families across that threshold. He explained that his homeownership strategy will not cost the taxpayers additional dollars or require new legislation. Instead, the strategy is based on 100 specific actions that address the practical needs of people who are trying to build their own personal version of the American Dream, help moderate income families who pay high rents but haven’t been able to save enough for a downpayment, help lower income working families who are ready to assume the responsibilities of homeownership but are held back by high mortgage costs, and help families who have historically been excluded from homeownership. Turning to his anti-terrorism bill now before the Congress, the president called on Democrats and Republicans to enact this legislation as quickly as possible. close