BOISE - Saturday, June 3 kicks off the beginning of Home Ownership Week in Idaho, the Idaho Housing and Finance Association announced today. The event 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.

"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 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."

The National Partners in Home Ownership, a diverse mix of 66 national organizations, sponsor National Home Ownership Week. The partnership works toward a common goal—to increase the nation’s home ownership rate to an all-time high of 67.5 percent by the end of 2000. In 1998, the nation reached the highest home ownership rate in its history. At the end of 1999, the US Census Bureau reported that a record 66. 8 percent of all American households own their own homes. This translates into 70.1 million households.

According to the 1990 Census, Idaho’s overall home ownership rate is 70 percent. 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 over 40,000 loans, made in partnership with a statewide network of participating Realtors® and lenders. 

Several activities have been planned throughout the month to promote Home Ownership Week: