Minority Home Ownership Initiative

Minority Home Ownership Initiative: Minority homeownership is at an
all-time high. In June 2002, the President announced the goal of
increasing the number of minority homeowners by at least 5.5 million
families before the end of the decade. The Census estimates an
increase of 1.54 million minority homeowners since the President
launched his initiative. The President signed the American Dream
Downpayment Act into law, which will help an additional 40,000
low-income families each year own homes. In his FY 2005 budget,
President Bush proposed the Zero-Downpayment Initiative for Federal
Housing Administration (FHA)-insured single-family mortgages for
first-time homebuyers.

* Exerpt from Fact Sheet: Encouraging Minority Entrepreneurship