Minorities to 'Catch Dream'

In the past 10 years, the Hispanic population in Utah has grown 138 percent. In Salt Lake City, nearly 20 percent of the population is Spanish-speaking.

But only 51.5 percent of Hispanic residents own homes.

That compares to 71.3 percent of all Salt Lake households, and that's unacceptable, according to a coalition of Utahns who gathered Tuesday to launch a new program focused on increasing minority homeownership.

"Catch the Dream Utah" is part of a national program, "Catch the Dream," which was unveiled by President Bush last year. The program seeks to add 5.5 million minority homeowners by 2010 by addressing key barriers many minorities face when trying to buy a home.

Catch the Dream Utah includes support from Salt Lake City and other communities, Freddie Mac, the Community Development Corp. of Utah and Far West Bank.

"It's really all about partnerships," said David Stevens, Freddie Mac senior vice president. Freddie Mac has agreed to purchase the mortgages. The CDC-Utah will offer outreach and borrower education, such as homeowner workshops and pre-purchase counseling. Homeowner assistance initiatives will come from Salt Lake City and other communities. Far West Bank has agreed to offer flexible, affordable mortgage products.

At The Cannons housing development Tuesday, Sen. Bob Bennett, R-Utah, applauded the program, saying it will help unify Utah's families.

"We welcome these people into our communities, because they come with very strong family ties and family traditions," Bennett said. "That is the tradition that we value perhaps the most in Utah - a sense of family, a sense of responsibility.

"But family values can break down without stable homeownership. The statistic you've just heard that 51 percent of Hispanics in the state of Utah own their homes - is a statistic we're here to try to turn around."

At the nine-unit Cannons development, 912 W. Cannon Oaks Place (1512 South), about one-third of the homes have been set aside for affordable housing candidates, said Bruce Quint, CDC-Utah executive director. Those homes received sponsorship money from Salt Lake City.

The model, a 1,700-square-foot home with 2 1/2 baths and a two-car garage, appraised for about $150,000, Quint said. With subsidies and other program assistance, Quint said the payments on the home could be as low as $1,000 per month.

"Hopefully, we'll be able to use this to bring up the neighborhood," he said. "We have a lot of confidence in this neighborhood now, and we're investing in it because of that confidence."

For more information about the "Catch the Dream Utah" program, call 1-801-994-7222.

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