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AJR-4 Home Ownership.(2017-2018)

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Assembly Joint Resolution No. 4

Relative to home ownership.

[ Filed with Secretary of State  September 21, 2017. ]


AJR 4, Cervantes. Home Ownership.
This measure would call upon the President of the United States to reinstate the mortgage fee reduction promulgated by the Department of Housing and Urban Development under the previous administration.
Fiscal Committee: NO  

WHEREAS, Home ownership is fundamental to the financial prosperity and economic security of America’s middle class; and
WHEREAS, A home is often a family’s primary source of growing wealth, as homeowners have, on average a net worth 36 times greater than renters; and
WHEREAS, Home ownership has additional social benefits, as the children of homeowners tend to do better in school, have lower rates of committing crime, and lower rates of drug use; and
WHEREAS, It should be the policy of both the federal government and the State of California to enable more and more Californians to buy and keep their own homes; and
WHEREAS, American home ownership rates are at a 50-year low, down to 63.1 percent of all households being homeowners; and
WHEREAS, As his first act upon taking office, the President of the United States canceled a rule promulgated by the United States Department of Housing and Urban Development under the previous administration that would have cut mortgage fees for certain low-income homeowners; and
WHEREAS, Implementation of the rule would have saved eligible California homeowners an average of $860 per year; and
WHEREAS, The mortgage fee reduction program was popular with new homeowners, and was used by about 40 percent of millennial buyers; and
WHEREAS, The cancellation of the rule has made it more expensive, and even possibly cost prohibitive, for many Californians to purchase their first homes and to make an investment