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Rural Development in California celebrated Homeownership Month on the west steps of the State Capitol. Self-help housing partners from across the state participated in the event which was attended by over 400 people.
As part of National Homeownership Month, Agriculture Secretary Ann M. Veneman visited with California families who have participated in USDA's self help housing program. Veneman also highlighted President Bush's commitment to increasing minority homeownership by 5.5 million by 2010 and announced more than $12 million in new efforts to increase affordable housing, improve economic development and provide job opportunities in rural areas.
The President's housing agenda includes providing down payments assistance through the American Dream Downpayment Initiative, increasing the supply of affordable homes through the Single-Family Affordable Housing Tax Credit, making a difference in the lives of low-income homebuyers with the Zero-Downpayment Initiative; open government programs to faith-based and other grassroots organizations and increasing home-buying education and counseling. President Bush also issued American's Homeownership Challenge to the real estate and mortgage finance industries to encourage them to join the effort to close the gap that exists between the homeownership rates of minorities and non-minorities. USDA Rural Development programs are an important part of this initiative, which has invested over $10.2 billion in the last three years to help 138,000 families own their own home.
Veneman said that USDA is working to double the number of individuals and families in its self-help program by 2010, with a special emphasis on minority ownership. While 50 percent of current participants are minorities, USDA is pledging to increase participants by 10 percent to help meet the President's goal. In 2003, California provided over $46.9 million in self-help housing loans and grants, assisting 342 families with homeownership, with over 83 percent being minority families.
California has been leading the nation in providing self-help homeownership opportunities for its residents. According to the 2000 Census, California's rural population of 1,881,985 was 27.4 percent minority. California housing loans to minorities in 2004 are projected to be at 85 percent.
Pictured above: Rural Development in California celebrated Homeownership Month on the west steps of the State Capitol. Self-help housing partners from across the state participated in the event which was attended by over 400 people. Paul Venosdel, California Rural Development State Director, welcomes Agriculture Secretary Ann Veneman to the stage at the Homeownership Month event held on the west steps of the California State Capitol.
Homeownership Month 2004 Home Page
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