WHEREAS, homeownership and community and economic development continue to be among the top priorities for Federal, state and local government; and

WHEREAS, in 2004 and 2005 homeownership rates remain at historically high levels with nearly 70% of American families owning their own homes and minority homeownership surpassing 51%; and

WHEREAS, minorities remain less likely than Caucasians to own their homes and closing the homeownership gap is essential to ensuring that the dream of homeownership is equally accessible to all people; and

WHEREAS, the Administration has recognized the priority of closing the homeownership gap by challenging the nation to establish an additional 3.2 million minority homeowners in addition to the 2.3 million already created. The Single Family Homeownership Tax Credit initiative will assist in closing the gap of homeownership; and

WHEREAS, this initiative would increase the supply of new or rehabilitated homes that are affordable to low-income households and reverse the dynamic that has plagued cities across the nation where lots have remained empty and existing properties have declined or remained vacant and dilapidated; and

WHEREAS, there has been continuing bipartisan support for this proposal in the Congress over the past two years; and

WHEREAS, the credit when fully implemented would provides funds for the construction or rehabilitation of approximately 50,000 homes per year,

NOW, THEREFORE, BE IT RESOLVED, that the U.S. Conference of Mayors reaffirms its commitment to homeownership and community and economic development; and

BE IT FURTHER RESOLVED, that the U.S. Conference of Mayors urges Congress and the Administration to expeditiously enact the Administration’s Single Family Homeownership Tax Credit initiative to create as many as 200,000 affordable homes for low-income families over the next 4 years.