With an estimated 75 percent of the country’s personal wealth tied to the equity in homes, it is important to increase the number of homeowners.

Homeownership is thought to help increase neighborhood property values because of the pride exhibited in homes, cut down on crime and provide a stable home life for children, thus increasing school performance.

In Bowling Green, the number of renters still outweighs the number of homeowners, so the city and the Realtor Association of Southern Kentucky are launching an education program to get first-time buyers into the market.

The most important aspect of the program will be the pre- and post-credit counseling that will be offered to those buyers. Making sure a person is ready to buy a house is key in ensuring that the percentage of foreclosures here doesn’t rise to the level they have in other parts of the country.

The partnership also will involve using educational services offered by HANDS and Housing Authority of Bowling Green that have been successful in getting residents into homeownership. Of the 45 families the agencies have helped, only one has gone into foreclosure and that was due to catastrophic illness.

This week, the city of Bowling Green and the Realtor Association of Southern Kentucky were designated as 2008 Ambassadors for Cities, with which came a $5,000 grant. The designation was in recognition of the work the two organizations already do and plan to do in increasing homeownership.

We commend the organizations for this award.

“With this designation comes an additional responsibility to not only keep up what you are doing but to expand it,” said Dave Gatton of the U.S. Conference of Mayors.

Bobbie Boyd, Housing Opportunity Advisory Board chairwoman for the National Association of Realtors, said there were numerous good applications for the Ambassador award but what Bowling Green and its partner were doing stood out.

“If we had more counseling, both pre and post, we would not be in the situation we are today,” Boyd said of the mortgage crisis.

“I hope not only will your program continue to grow but will serve as a model for other cities,” she said.

With a buyers’ market in most cities and new federal legislation signed into law this week – which gives up to a $7,500 tax credit to first-time homebuyers – educated and prepared families (thanks to the help of these agencies) may find that now is a good time to purchase a home.

— For more information about the homebuyer tax credit, go to www.realtor.org where you can find a summary of the legislation and tax credit chart.