The State of the Union is an opportunity for the Congressional Hispanic Caucus (CHC) and all Americans to consider where we are as a country, where we want to go, and how to best get there. It is important to share our priorities which not only affect Hispanics, but our nation on the whole. It is our hope that by drawing attention to these issues, we can work with our Congressional colleagues and the Administration.
Times are difficult for many, and one area of great concern to the CHC is housing. With more than two million foreclosures predicted over the next two years, the mortgage crisis is far from over. The CHC will remain focused on the nation’s efforts to help those who might lose their home, ensuring that the unique needs of Hispanic borrowers are addressed by policymakers. The American dream of owning a home is being shattered by the current crisis, as current homeowners are losing their homes at alarming rates.
In general, housing affordability remains a challenge for millions of Americans. Even with declining property values resulting from the foreclosure crisis, too many Hispanic families cannot find a home that their incomes can support. The CHC will continue to work towards fair, affordable mortgage products and highlight a variety of housing options, whether rental or alternative ownership concepts like cooperatives, so that each family can have a safe and stable place to live.
We must also look at the macroeconomic impact of the mortgage crisis. Its impact on local communities will reverberate across the nation, as small business owners are affected, which will impact national producers of goods and services. With fewer financing options, many local communities and developers cannot get the needed funding to make much needed repairs or to turn dilapidated and vacant buildings into new affordable housing units. The CHC will focus on ensuring that communities have resources to create additional affordable and safe housing. Read the rest of this entry »