Governor Kempthorne to Declare "Home Ownership Week" in Idaho June 7; IHFA Launches New Statewide Home Buyer Education Program June 10

BOISE - Governor Dirk Kempthorne—on behalf of housing professionals, Realtors®, lenders, mortgage bankers and developers—will sign a proclamation on June 7 (Monday) at 10:15 a.m. declaring the week of June 5-12, 1999 to be Home Ownership Week. The signing will take place in the Governor’s Office.

Home Ownership Week is designed to raise awareness of the benefits of owning a home to potential home buyers and communities. It also commemorates the National Housing Act, which was signed into law in 1937, making home ownership available to millions of families who previously could not have afforded to buy their own homes.

"Home ownership is not only an investment in a house, it’s an investment in our children, our neighborhoods and our communities," said Kempthorne. "More importantly, having a home means that children will see and learn from the experience of home ownership—that diligence and hard work, education and frugality really are important."

The 1998 Fannie Mae National Housing Survey found that 60 percent of all renters desire to become home owners, the highest level since 1992. They say that perceived barriers to home ownership have declined, including down-payment and closing costs, lack of home buyer education, or poor credit ratings. Renters surveyed also were confident in the strength of the economy—51 percent expected their family’s financial situation to get much or somewhat better within a year’s time, up from 41 percent in 1994.

"A safe, decent home environment is the foundation for a healthy family and community," said Gerald Hunter, IHFA president and executive director. "It’s our responsibility as housing professionals to identify those barriers to home ownership here in Idaho, and then find ways to help people overcome them. Home Ownership Week is one way to bring these issues to the public’s attention."

According to the 1990 Census, Idaho’s overall home ownership rate is 70 percent, compared to a 66.3 percent rate nationwide. Home ownership rates among lower-income families are rising much faster than among middle- and high-income groups. In 1998, home ownership among families earning less than the median income rose to 50 percent. Of Idaho’s 70 percent home ownership rate, 32.5 percent are below 80 percent of the median income and 42 percent are below 95 percent of median income.

The Idaho Housing and Finance Association began offering residential mortgage loans in 1978 to assist low-to-moderate income borrowers—generally first-time home buyers—in purchasing homes. Since then, IHFA has been opening doors to home ownership by providing below-market interest rate loans to families and individuals throughout Idaho. To date, IHFA has financed 37,908 loans, made in partnership with a statewide network of participating Realtors® and lenders.

In observance of Home Ownership Week, IHFA and the Idaho Partners for Home Buyer Education, Inc. are launching a new program called Finally Home! on June 10 (Thursday) at 10:30 a.m. at IHFA’s Boise office, 565 W. Myrtle. Finally Home! is a statewide education program designed to prepare home buyers for home ownership, protect home investment and reduce the possibility of delinquency and default.

Several other Home Ownership Week activities have been planned throughout the state: