Jon L. Christensen: “homeownership is the key to achieving financial independence. Yet, there is still a persistent gap in homeownership…”

“homeownership is the key to achieving financial independence. Yet, there is still a persistent gap in homeownership between minorities and non-minorities. According to HUD, despite increases in minorities who become homeowners, the census figures show that large differences in rates between minority and white household ownerships remain and have narrowed only slightly. If this gap is to be narrowed or eliminated all together, we must break down the barriers faced my minority families and lower and middle income families that make it difficult for them to obtain the American dream of homeownership. These barriers include but are not limited to lack of capital for the down payment and closing costs, lack of access to credit and poor credit history, lack of understanding and information about home buying program and continued housing discrimination. Not to mention, the recent mortgage crisis caused by sub-prime lenders and predatory lenders. This is why I strongly support H.R. 1852, a bill that would modernize the National Housing Act and enable the Federal Housing Administration to use risk-based pricing to more effectively reach underserved borrowers and make other needed changes to offer a better product. Increasing the FHA loan limits will allow homebuyers in high cost areas like the District of Columbia and my district, the US Virgin Islands, to benefit from the FHA advantages that users in less costly parts of the country enjoy.”