President Barack Obama makes unscheduled stop at south Phoenix model home
PHOENIX — President Barack Obama made a surprise stop in a south Phoenix neighborhood on Thursday.
— Edward-Isaac Dovere (@IsaacDovere) January 8, 2015
Obama was in the Valley to announce a cut in mortgage insurance premiums on Federal Housing Administration loans, a move aimed at attracting new homebuyers.
“We’re taking this measure to make homeownership more affordable for responsible families,” Housing Secretary Julian Castro said ahead of the president’s remarks at a Phoenix high school.
The subdivision, which broke ground in February 2013 using funds from a housing recovery act, is owned by nonprofit Chicanos Por La Causa. The 32-home neighborhood has received $2 million in federal funding.
“It’s a program that’s worked well and an example of some of the steps we’ve taken to strengthen the housing market,” Obama said.
Obama was scheduled to speak at Central High School at 10:45 a.m.