The U.S. Department of Housing and Urban Development (HUD) and President Joe Biden are celebrating the 22nd Annual National Homeownership Month this June. HUD is reaffirming its dedication to helping Americans achieve homeownership and supporting the economic stability and well-being of families nationwide.
Acting Secretary Adrianne Todman emphasized the importance of homeownership as a primary way Americans build wealth. However, many, especially people of color, young adults, and low-income individuals, find homeownership out of reach due to historical and financial barriers. HUD aims to assist people in purchasing affordable homes, including starter homes.
HUD has implemented several key initiatives to make homeownership more accessible. These include support for housing counseling and down payment assistance, reducing obstacles for those with student loan debt, considering positive rental history for FHA-insured mortgages, and lowering mortgage insurance premiums on FHA loans.
These policies have enabled millions to become homeowners, including 2.5 million first-time buyers. Despite these successes, HUD recognizes more work is needed. This National Homeownership Month, HUD is intensifying its efforts to expand homeownership opportunities.
Since taking office, the Biden-Harris Administration has been committed to increasing equitable access to homeownership. Throughout National Homeownership Month, HUD will host events to highlight its initiatives and raise awareness of resources available to help first-time homebuyers, low- and moderate-income families, and people of color achieve homeownership.
Julia Gordon, Assistant Secretary for Housing and Federal Housing Commissioner, noted, “Homeownership promotes stability, builds intergenerational wealth, and is fundamental to America’s promise of opportunity. This month, we will showcase our efforts to remove barriers to homeownership, close the racial wealth gap, and provide every family the chance to build a better future.”
HUD’s Federal Housing Administration (FHA) is the largest mortgage insurer globally, serving more first-time buyers, low- and moderate-income households, and people of color than any other mortgage channel. In fiscal year 2023, FHA helped 732,319 households, including 223,882 borrowers of color, achieve homeownership.
For more information, read the original press release from: https://www.hud.gov/press/press_releases_media_advisories/HUD_No_24_135