The U.S. Department of Housing and Urban Development (HUD) has joined President Joe Biden in celebrating June as the 22nd Annual National Homeownership Month. This initiative underscores the Biden-Harris Administration's dedication to supporting affordable homeownership and reducing housing costs for American families.
HUD Acting Secretary Adrianne Todman emphasized the importance of homeownership in building wealth, particularly for marginalized groups. "Homeownership is the way many people in the U.S. build wealth, but the dream of owning a home of one’s own feels out of reach for many Americans, especially people of color, young people, and people with low incomes who face historical and financial barriers to homeownership," Todman stated. She added that HUD aims to assist individuals in purchasing affordable homes, including starter homes.
HUD has implemented several measures to broaden access to homeownership. These include supporting housing counseling and down payment assistance, easing barriers for those with student loan debt, allowing positive rental history to influence FHA-insured mortgage eligibility, and lowering mortgage insurance premiums on FHA mortgages. These policies have facilitated homeownership for millions, including 2.5 million first-time buyers.
Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon highlighted the broader benefits of homeownership: "Homeownership promotes stability and healthy outcomes, builds intergenerational wealth, and ultimately is fundamental to America's promise of opportunity." She noted that during National Homeownership Month, HUD will focus on breaking down barriers to homeownership and closing the racial wealth gap.
The Federal Housing Administration (FHA), part of HUD, serves a significant number of first-time buyers, low- and moderate-income households, and people of color. In fiscal year 2023 alone, 732,319 households—223,882 of which were borrowers of color—achieved homeownership through FHA-insured mortgages.
Over the past year, HUD has taken numerous steps to enhance access to affordable housing:
- Reduced its annual mortgage insurance premium by 35 percent.
- Expanded language access resources for non-English speakers.
- Updated policies regarding accessory dwelling units (ADUs).
- Strengthened Reconsideration of Value processes.
- Allocated $85 million in grants for removing barriers to affordable housing.
- Streamlined the HOME Investment Partnership Program.
- Introduced a new loss mitigation tool called FHA’s Payment Supplement Partial Claim.
- Invested $84 million in programs aimed at financial stability and generational wealth building.
- Continued updating Manufactured Home Construction and Safety Standards.
- Launched a $10 million Homeownership Initiative funding opportunity for underserved communities.
- Provided $40 million in funding to expand housing counseling services.
For more information on HUD’s homeownership programs and resources visit www.hud.gov/program_offices/housing/nhm_2024.
