Steve Stivers: “I would like to begin by congratulating my good friend and colleague, Congresswoman Joyce Beatty, for advancing the…”

“I would like to begin by congratulating my good friend and colleague, Congresswoman Joyce Beatty, for advancing the Housing Financial Literacy Act, H.R. 2162. It is an effort she has championed for years. As co-chair of the Financial Literacy Caucus, I am proud to cosponsor this legislation with her. Mr. Speaker, for many folks across this country, owning a home is quintessential to the American Dream. While not everyone will always be able to afford a single-family home, we should work to encourage the American Dream of homeownership and make sure that we help people along the way. It is good for individuals, and it is good for communities. Not only does it help individuals build equity over time, but reducing the disparities in homeownership by race has the potential to reduce the racial wealth gap in this country. However, we must work to ensure consumers are informed and encourage responsible homeownership, and the Housing Financial Literacy Act does just that. By providing a discount of 25 basis points on the upfront FHA insurance premiums for borrowers who complete HUD-approved prepurchase financial counseling, what we are doing is making those homes more affordable; we are empowering those people with knowledge; and we are helping build the dream of homeownership. This financial counseling is so important for first-time buyers. It helps them understand the costs associated with homeownership, like taxes, insurance, and maintenance costs.…”