HUD Rolls Out $10 Million in Funding to Support Homeownership Among Underserved Populations
- Author: Jennifer Kloss
- Posted: 2024-06-24
At the forefront of this announcement, made in Harrisburg, Pennsylvania, was HUD's Assistant Secretary for Housing and Federal Housing Commissioner, Julia Gordon. She illuminated the granting of over $479,000 to the Pennsylvania Housing Finance Agency (PHFA).
This grant is a cornerstone in PHFA's ongoing efforts to propagate extensive homeownership counseling programs explicitly targeted at underserved groups in Pennsylvania.
Enabling Dreams of Homeownership
Highlighting the Biden-Harris Administration's agenda to foster equitable homeownership opportunities, Acting HUD Secretary Adrianne Todman emphasized June, which is celebrated as Homeownership Month.
“We are dedicating another $10 million to equip potential homeowners with the necessary tools and knowledge to make informed homebuying decisions,” Todman stated, reflecting on the administration's resolve to build generational wealth through homeownership.
Particularly aiming to enrich the quality of service provided, the grants focus on backing HUD-approved housing counseling agencies that tailor their offerings to be both culturally sensitive and linguistically tuned to the needs of their clients.
By prioritizing pre- and post-purchase housing counseling, the initiative seeks to uplift homeownership rates among communities that have faced systemic barriers, thereby contributing to narrowing the racial wealth divide.
Guidance Through Homeownership Counseling
Underlining the indispensable role of housing counseling agencies in guiding prospective homeowners, Assistant Secretary Gordon pointed out, “With these grants, we're empowering counseling agencies across the country to support individuals who might never have considered homeownership as a feasible option.” This emphasizes the importance of preparedness in homeownership, particularly for first-time buyers from underserved communities.
David Berenbaum, Deputy Assistant Secretary for Housing Counseling, elaborated on the innovative Housing Counseling Homeownership Initiative, which aims to combine essential housing counseling with homeownership education outreach seamlessly.
According to Berenbaum, this effort sets a blueprint for future endeavors, greatly benefitting first-time homeowners. He also highlighted the crucial role of HUD Certified Housing Counselors in offering pre- and post-purchase counseling.
Nationwide Beneficiaries
The diverse roster of June 17, 2024, grant awardees includes entities across various states such as the National Association of Real Estate Brokers - Investment Division in California, the Connecticut Housing Finance Authority, and the National Coalition for Asian Pacific American Community Development. This underscores the initiative's extensive reach in fostering homeownership opportunities nationwide.
Commitment to Community and Affordability
HUD reaffirms its commitment to promoting sustainable, inclusive communities and quality affordable homes for everyone by forwarding these grants. These efforts illustrate an ongoing commitment to eradicating the barriers to homeownership and ensuring that owning a home is a tangible dream for Americans across the spectrum of income and race.
Those interested in further information about HUD's programs or in gaining insight into realizing their homeownership dreams are encouraged to explore HUD's website or follow their updates on various social media platforms. In bridging the homeownership gap, these grants are a significant step toward a future where equitable homeownership is not just an ideal but a reality for all Americans.
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