Expanding homeownership.

I APPLAUD BE FOR ITS EMPHASIS ON HOMEOWNERSHIP. As secretary of the U.S. Department of Housing and Urban Development, expanding homeownership and its many benefits to more African American families is one of my highest priorities.

Black Americans are making good progress--better progress, in fact, than your column in the January 2005 issue suggests [see "Homeownership Is Priority One," Publisher's Page]. The latest Census Bureau figures show that blacks today lead Hispanics in homeownership, 49% to 48.7%. Homeownership among whites stands at 76.1%. While the homeownership rates of blacks, Hispanics, Asian Americans, and other minorities may fluctuate slightly from quarter to quarter, the overall trend is clear: minority homeownership has grown steadily over the past four years and today stand at 50.9%. More African Americans than ever before have homes of their own.

Much of this increase is directly attributable to the Bush administration's efforts to make homeownership more accessible and affordable. In June 2002, President Bush set a national goal of creating 5.5 million new minority homeowners by the end of this decade; to date, 1.9 million minority families have become homeowners. Through the American Dream Down-payment Initiative, we're providing help with down-payments and closing costs to low- and moderate-income families. We've increased substantially the funding for homeownership education programs. We're helping families make the move from government-assisted housing into homeownership. And President Bush has proposed a new tax credit that would encourage home building in areas where affordable housing is scarce.

You stated that homeownership is a family's primary tool for wealth building, and President Bush and I agree. We also cannot forget that homeownership is an important tool for creating stronger communities, full of active and involved citizens. The entire nation benefits from the economic strength generated by widespread homeownership.

If BE readers are interested in learning more about homeownership and how HUD can help them realize their dreams, please have them visit us online at www.hud.gov. I look forward to assisting your publication in any way that I can to bring the message of empowerment through homeownership to more African Americans.

Alphonso Jackson

Secretary, U.S. Department of Housing and Urban Development

Washington, D.C