Expanding American Homeownership Act

Floor Speech

EXPANDING AMERICAN HOMEOWNERSHIP ACT OF 2007 -- (House of Representatives - September 18, 2007)

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Mr. SIRES. Madam Chairman, I rise in opposition to this amendment. I keep hearing time and time again from my constituents that they cannot afford a safe home for their children. I know this is a problem for many Americans across the country. In fact, recent research has indicated that in order to afford a modest two-bedroom apartment paying no more than 30 percent of their income for housing and working full time, a New Jersey family would need to earn over $20.00 an hour. Wages are simply not increasing fast enough to allow many families to even come close to this affordable housing wage.

Families need help. That is why I am so supportive of the Affordable Housing Trust Fund and the revenues that H.R. 1852 will provide to the Fund. This fund will increase home ownership and increase mortgage funding in areas of chronic economic distress. By increasing the level of home ownership, we will then increase the supply of rental housing for families. And where needed, we will increase our investment in affordable housing infrastructure to make a safe and affordable home a reality for every hardworking American.

I urge my colleagues to vote against this amendment that would strike the affordable housing trust fund and I urge everyone to vote in support of final passage the Expanding American Home Ownership Act of 2007.

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