Floor Situation

H.Res. 502 is being considered under suspension of the rules, requiring a two-thirds vote for passage. The legislation was introduced by Rep. Gary Miller (R-CA) on June 3, 2009.

Bill Summary

H.Res. 502 would resolve that Congress:

• "Fully supports the goals and ideals of National Homeownership Month;
• "Recognizes the importance of homeownership in building strong communities and families; and
• "Reaffirms the importance of homeownership in the Nation's economy and its central role in our national economic recovery."

 

Background

According to the resolution's findings, owning a home is a fundamental part of the American dream and is the largest personal investment many families will ever make. Homeownership provides economic security for homeowners by aiding them in building wealth over time and strengthens communities through a greater stake among homeowners in local schools, civic organizations, and churches. Homeownership can be sustained through appropriate homeownership education and informed borrowers; and affordable homeownership will play a vital role in resolving the crisis in the United States housing market.