President Clinton articulated his philosophy on the importance of home ownership in a November 5, 1994 speech to the National Association of Realtors. Clinton described how “breaking down racial and ethnic barriers and increasing access for other underserved households will extend home ownership opportunities to millions of families and enable minority households to own homes in a much wider range of communities.” Describing the desire for home ownership as “deeply rooted in the American psyche”, HUD issued an Urban Policy Brief further delineated the Clinton Administration’s blueprint for a comprehensive homeownership strategy.
On June 5, 1995, President Clinton, Vice President Gore, and HUD Secretary Cisneros announced a National Homeownership Partnership. A year later, the Clinton Administration announced a new home buyers program reducing the up-front mortgage insurance premium for first-time home buyers. In 1997, HUD reduced the up-front insurance from 2.25 to 2 percent.
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