June 1, 2022
On the last day of May 2022, President Biden issued a proclamation that June 2022 is National Homeownership Month.
It’s the 20th anniversary of the observance and the Department of Housing And Urban Development issued a statement about it, reminding us that homeownership has benefits and that equal opportunity and access for all should be the norm in the 21st century.
During National Homeownership Month 2022, the FHA and HUD plan a series of events designed to raise awareness of fair housing issues, increase the amount of affordable housing, and make the homeownership process sustainable.
“Each June, we mark National Homeownership Month, a time for HUD and FHA to renew our commitment to supporting individuals and families in achieving and sustaining homeownership,” says HUD Secretary Marcia L. Fudge, who was quoted in a HUD press release about the observance.
She adds, “Homeownership is a key source of wealth building and is often the foundation for one’s life. Unfortunately, the lack of affordable housing supply has placed homeownership out of reach for many people with low and moderate incomes, first-time homebuyers, and communities that have been historically and systemically locked out of homeownership.”
The Federal Housing Commissioner, Julia Gordon, agrees, reminding us that the FHA and HUD are crucial parts of the U.S. housing ecosystem. HUD serves some 700 thousand first-time homebuyers in America every year on average.
Gordon says the two agencies, “…remain committed to enhancing and improving our programs to promote expanded access and equity in homeownership, particularly for underserved communities.”
There are a number of important steps the agencies have taken to promote homeownership and to ensure fair housing, including initiatives announced in 2021 to better serve communities of color, first-time home buyers, and low-to-moderate income borrowers.
A foreclosure avoidance program for those affected by the COVID-19 pandemic is also an important feature of the FHA and HUD’s work to promote fair housing.
In April 2022, the FHA added a 40-year mortgage modification option to help in this respect. What was the result of these efforts? Among them, a decrease in delinquency on FHA mortgages was observed between November 2020 numbers and those reported through April 2022.
Fair housing is a right, and while June is not Fair Housing Month, National Homeownership Month still requires the recognition of unequal access in the housing market and demands federal agencies, housing providers, and others in the housing industry to know their responsibilities under the Fair Housing Act as well as promoting homeownership in general.
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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