Home Fair
FRESNO, CA - In the effort to provide people with apassport to homeownership Congressman Jim Costa (D-Fresno) will host his "FirstTime Homebuyer Fair" on Saturday, October 29, 2005. The event will run from 10:00 am to 3:00 pmat the Sunnyside High School Cafeteria located at 1019 S. Peach Avenue in Fresno.
"Owning a home is, unfortunately, a dream for too many families who wish to provide a stable andcomfortable environment within which they can thrive, and for too many familiesthis dream does not become a reality," Costa stated.
Costa pointed out that recent home buying trends in the areaindicate that prices have continued to rise while incomes have stayed thesame. According to a recent study by theCalifornia Coalition for Rural Housing, 15 percent of all homeowners pay 50percent of their income toward housing; this number increases to 80 percent forlow income families and 61 percent for very low income families. He noted that the problems caused by highhousing costs have a trickle effect on the rest of the community in variousways. "If a family is budgeting 80percent of their income to live in a home then only 20 percent remains forfood, clothing, school and medical purposes," the Fresno lawmaker noted.
"California is home to manypeople and the population continues to grow, especially in the Central Valley. Itis for this reason we take steps to ensure residents have the necessary toolsto navigate a path toward homeownership," Congressman Costa added.
Currently, California ranks48th among the 50 states in the rate of homeownership, with the nationalaverage at 67.9 percent and the Californiaaverage at 58 percent
In a dedicated effort to reverse the potential social andeconomic effects of the lack of affordable housing, Congressman Costa will hostthe first time homebuyers fair. Thisevent will introduce area residents to housing agencies, loan officers,realtors and banks, which will be on-site conducting mini-workshops, inEnglish, Spanish and Hmong, to the public about the steps necessary to become ahomeowner.
"Many people have come together to make this homebuyer fairoccur and through collaboration with all of those involved we will continue toassist folks in the community in making their dream of homeownership areality," Costa said. "After allhomeownership in our country is not only creating a broad middle class, buthomeownership is, when we think about it, part and parcel of the ‘AmericanDream'."