Closing the Ownership Gap

The Millennial Housing Commission recently issued a landmark report that recommends creating a homeownership tax credit and establishing a mixed-income multifamily rental production program. The NAHB agrees with the commission's conclusions and supports its recommendations.

The State of the Nation's Housing, an annual report by the Joint Center for Housing Studies of Harvard University, reached similar conclusions. It determined that additional programs to expand the supply of affordable renter and owner housing are necessary to national housing policy and to closing the income and wealth gaps.

And during National Home-ownership Month in June, President Bush announced the goal of increasing minority homeownership by 5.5 million during the next decade. The new program would increase the supply of affordable homes, provide down payment assistance, simplify the home buying process, increase educational resources for potential homeowners and increase support for self-help homeownership programs.