ISSUES

Housing partners aim to narrow Texas’ lagging homeownership gap

Photo below: Joe Stewart, 2004 chairman of TAR’s housing initiatives committee, presents United Texas program at a Dec. 7, 2004 news conference in Austin.

Mortgage interest rates in the United States have remained at or near record lows during the past several years, ushering in a well-documented housing boom. The problem is that some citizens, though they would like to participate in the American Dream of homeownership, have not benefited from these favorable conditions. According to the U.S. Census Bureau, roughly 64% of Texas households owned their home in 2003, compared to 68% nationally. The Texas Association of REALTORS®, Fannie Mae, and the Texas Department of Housing & Community Affairs are doing something about it. Together, they’re embarking on a new program, United Texas: Housing Initiatives That Work. “REALTORS® are the glue keeping everything together in a real estate transaction,” said Joe Stewart, chairman of TAR’s housing initiatives committee, at a Dec. 7, 2004 news conference in Austin. “Consumers depend on their REALTORS® to make the right recommendations. That’s why our main emphasis is educating the 70,000 REALTORS® in Texas about the various housing programs that can best benefit their clients, particularly first-time homebuyers.” A new Web portal at TexasRealtors.com connects Texas REALTORS® to information about Texas Cares downpayment assistance, low-interest financing such as TDHCA’s Texas First Time Homebuyer Program, and Fannie Mae resources. In 2005, a new continuing education course for real estate professionals will be offered throughout Texas. Both the Web portal and education course will be continually updated to provide the latest information on affordable housing opportunities, so Texas REALTORS® will be informed and ready to help their clients.

(SOURCE: Texas Association of REALTORS®)