WASHINGTON - This National Homeownership Month, the Biden-Harris Administration and U.S. Department of Housing and Urban Development (HUD) are highlighting multiple community events and engagements organized by HUD and partners nationwide. These events aim to assist homebuyers by showcasing available HUD resources and support services.
“We are devoted to helping people purchase homes because we know homeownership is a key to building wealth,” said HUD Acting Secretary Adrianne Todman. “During the Biden-Harris Administration, HUD has helped millions of people become first-time homebuyers, but we know more must be done to help people overcome historical and financial barriers. This National Homeownership Month, we are doubling down on our work to advance homeownership opportunities.”
Through these events, HUD joins President Joe Biden in commemorating this June as the 22nd annual National Homeownership Month, working to ensure everyone has access to an affordable home in a community of their choice. The month also emphasizes the role of housing counseling and HUD-certified housing counselors in educating and assisting future and current homeowners.
Events are being held across rural and urban communities from Bangor to Honolulu, including Alabama, Arizona, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Illinois, Iowa, Massachusetts, Michigan, Nevada, New York, Ohio, Puerto Rico, South Carolina, Vermont, West Virginia, and more.
These initiatives focus on increasing the supply of affordable homes; enabling access to mortgage credit for first-time homebuyers—especially those from historically marginalized communities; and helping current homeowners avoid foreclosure. Activities include educational programs highlighting HUD resources, housing fairs and expos, trainings, roundtables, congressional briefings among others. For instance, HUD officials participated in several homeownership events in Ohio and California earlier this month and plan to join a Homebuyer Education Workshop and Expo hosted by the Atlanta Urban League in Georgia on June 29.
HUD’s Federal Housing Administration (FHA) is the largest mortgage insurer globally serving a higher percentage of first-time home buyers from low- and moderate-income households as well as people of color than any other mortgage channel. Over seven million American households live in homes financed by FHA-insured mortgages. In fiscal year 2023 alone through FHA more than 730,000 households—including over 223 ,000 borrowers of color—achieved homeownership.
In its first term under the Biden-Harris Administration HUD supported more than 2.9 million first-time homebuyers with FHA’s first-time homebuyer rate at its highest in over two decades. Efforts to boost homeownership include:
- Ensuring positive rental history plays a greater role in determining creditworthiness for FHA-insured mortgages;
- Expanding tools for Americans to access housing counseling;
- Removing barriers for individuals with student loan debt seeking FHA-insured mortgages;
- Reducing FHA mortgage insurance premiums saving over 680 ,000 people nearly $900 each in their first year resulting in over $600 million savings nationwide.
