2003 Adopted Resolutions
71st Annual Meeting
Denver

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PROPOSED HOUSING AND COMMUNITY DEVELOPMENT RESOLUTION IN SUPPORT OF A STRONG HOUSING AND REAL ESTATE SYSTEM

WHEREAS, safe, decent, and affordable housing is at the core of sound and stable communities; and

WHEREAS, housing needs in our communities have reached an all-time high, and working men, women, and families face limited housing choices, often with the cost of housing beyond their reach; and

WHEREAS, homeownership is most American families' primary means of building economic wealth through accumulated equity and the benefits of tax savings from mortgage interest rate deductions; and

WHEREAS, over the current decade, communities will need six trillion dollars in additional mortgage money, including the needs of an estimated 15 million first-time home buyers; and

WHEREAS, on January 29, 2002, President George W. Bush focused national attention on the need for increased homeownership, especially among minority families which will account for approximately 65 percent of new household growth in each of the first two decades of the new century; and

WHEREAS, the nation's mayors are directly impacted by housing concerns and recognize the importance of the private sector in making affordable housing more accessible to families living in their communities; and

WHEREAS, the nation's mayors work with the housing finance industry to ensure the continued vitality and stability of our communities by promoting fair and responsible lending practices that place America's families in homes they can afford to keep; and

WHEREAS, the nation's mayors recognize the importance of bringing together public, nonprofit and private sectors to tackle the housing challenges facing communities throughout the country,

NOW, THEREFORE, BE IT RESOLVED that the United States Conference of Mayors supports the continued partnership of America's Mayors with real estate professionals, home builders, lenders, non-profits and the government sponsored enterprises to tackle the affordable housing challenges facing our nation by:

  • Leveraging tools, resources and expertise of the private housing sector with that of local governments' to alleviate the affordable housing shortage in our communities,
  • Urging the housing finance industry to work with communities and their citizens to support homeownership education and outreach, credit counseling programs, and traditional and bilingual financial literacy programs,
  • Urging Freddie Mac and Fannie Mae to continue to provide innovative products and services such as employer-assisted housing programs, low down-payment and flexible loan products to support homeownership for working families,
  • Working with mortgage lenders, through the Mortgage Bankers Association of America and others, to develop new models and approaches for increasing minority homeownership, promoting financial literacy and creditworthiness, and simplifying the process for buying a home for the consumer,
  • Working with real estate professionals through the National Association of Realtors, builders and financial institutions to promote more affordable housing efforts in our nation's communities; and

BE IT FURTHER RESOLVED that the United States Conference of Mayors and its Council for Investment in the New American City work to protect and enhance the current housing finance system's ability to efficiently serve the housing finance needs of our nation, and support the housing finance industry and government sponsored enterprises in their efforts to provide reliable, low-cost source of financing for America's homeowners and renters.