National Homeownership Month, 2005

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Part VI

The President

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Proclamation 7906--National Homeownership Month, 2005

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Title 3--
The President

Proclamation 7906 of May 25, 2005

National Homeownership Month, 2005

By the President of the United States of America

A Proclamation

For millions of individuals and families, the American
Dream starts with owning a home. When families move
into a home of their own, they gain independence and
confidence, and their faith in the future grows. The
spread of ownership and opportunity helps give our
citizens a vital stake in the future of America and the
chance to realize the great promise of our country.

From the earliest days of our Nation, homeownership has
embodied the core American values of individual
freedom, personal responsibility, and self-reliance. A
home provides children with a safe environment in which
to grow and learn. A home is also a tangible asset that
provides owners with borrowing power and allows our
citizens to build wealth that they can pass on to their
children and grandchildren.

The benefits of homeownership extend to our
communities. Families who own their own homes have a
strong interest in maintaining the value of their
investments, the safety of their neighborhoods, and the
quality of their schools. Homeownership is also a
bedrock of the American economy, helping to increase
jobs, boost demand for goods and services, and build
prosperity.

More Americans than ever own their own homes, but we
must continue to work hard so that every family has an
opportunity to realize the American Dream. In 2002, I
announced a goal to add 5.5 million new minority
homeowners by the end of the decade. Since then, we
have added 2.3 million new minority households. My
Administration has also set a goal of adding 7 million
new affordable homes to the market within the next 10
years. In my FY 2006 budget, I proposed a single family
housing tax credit and two mortgage programs--the Zero
Downpayment mortgage and the Payment Incentives
program--to help more families achieve homeownership.
In 2003, I signed the American Dream Downpayment Act,
and I have proposed more than $200 million to continue
the American Dream Downpayment Initiative to provide
downpayment assistance to thousands of American
families. By promoting initiatives such as financial
literacy, tax incentives for building affordable homes,
voucher programs, and Individual Development Accounts,
we are strengthening our communities and improving
citizens' lives.

NOW, THEREFORE, I, GEORGE W. BUSH, President of the
United States of America, by virtue of the authority
vested in me by the Constitution and laws of the United
States, do hereby proclaim June 2005 as National
Homeownership Month. I call upon the people of the
United States to observe this month with appropriate
ceremonies and activities recognizing the importance of
homeownership.

IN WITNESS WHEREOF, I have hereunto set my hand this
twenty-fifth day of May, in the year of our Lord two
thousand five, and of the Independence of the United
States of America the two hundred and twenty-ninth.

(Presidential Sig.)B