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Celebrating 20 Years of National Homeownership Month

The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) mark June as National Homeownership Month, following a proclamation from President Joe Biden. National Homeownership Week began in 1995, as a strategy of the Administration under President Bill Clinton to increase homeownership across America. In 2002, President George W. Bush expanded the period of observance from a week to the entire month of June, and this year marks the 20th anniversary of the month-long observance.

“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,” said HUD Secretary Marcia L. Fudge. “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 Biden-Harris Administration has put forth the most comprehensive effort to close the housing supply shortfall in history, and we will continue to take action to address the barriers families are facing in today’s housing market.”

In concert with the Biden-Harris Administration’s commitment to enabling more households to enjoy the stability and wealth creation made possible through homeownership, throughout the month, HUD and FHA will hold a series of events and engagements to amplify the Department’s efforts to support potential homeowners, increase housing supply and affordability, and ensure sustainability for existing homeowners.

“The Federal Housing Administration and HUD’s Office of Housing are an important part of the nation’s housing system,” said Federal Housing Commissioner Julia Gordon. “And while we are proud that we serve more than 700,000 first-time homebuyers on average each year, we remain committed to enhancing and improving our programs to promote expanded access and equity in homeownership, particularly for underserved communities.”

HUD’s Office of Housing and Federal Housing Administration play a vital role for the nation’s homebuyers, homeowners, renters, and communities through their nationally administered programs. Today, under the leadership of Secretary Fudge and Commissioner Gordon, HUD continues to prioritize FHA’s mission through:

  • Taking action to increase housing supply and access to affordable housing.
  • Launched a whole-of-government plan for wide-ranging reforms to advance equity in home appraisals.
  • Serving more first-time homebuyers and communities of color. In
  • Preventing foreclosures for borrowers affected by the pandemic.
  • Removing barriers to homeownership for those with student loan debt.
  • Affirmed the use of Special Purpose Credit Programs.
  • Setting the stage for increased fair housing and lending enforcement and access.

In addition to the President’s proclamation kicking off National Homeownership Month, HUD Secretary Fudge launched the “Our Way Home” initiative, an effort to boost the nation’s affordable housing supply, by building on the Biden Administration's actions to address communities' housing supply needs in an equitable, inclusive, and sustainable fashion.

“Our Way Home” is a national initiative that uplifts the unique housing supply successes in local communities and connects cities, counties, Tribal communities, states, and U.S. Territories to the tools and resources needed to help preserve and produce affordable housing in their area.

“Easing the burden of housing costs for families is a top economic priority for this Administration,” said Secretary Fudge. “For too long and in too many communities, housing supply has not kept up with the growing demand. It’s going to take government working at all levels to help close the housing supply gap. I am excited to launch Our Way Home, an initiative that will not only build on the momentum that’s already begun at the federal level, but will also put into focus the unique challenges and successes in communities when it comes to making sure we all find our way home.”

The Our Way Home initiative builds on HUD’s commitment to state, tribal, and local leaders to help them utilize federal resources and funding to meet their affordable housing supply needs, and to build new and preserve existing units of affordable housing–rental and homeownership–into their pipelines.

Last month, the Biden Administration announced its Housing Supply Action Plan, which included over a dozen legislative and administrative steps aim to close the housing supply gap within the next five years.

“The shortage of affordable housing has been growing for decades–but this is a solvable crisis,” said Secretary Fudge. “Across the country, we are seeing many communities ending exclusionary zoning, building affordable housing in communities that previously did not allow it. We are seeing communities use innovative building models and materials, and design homes that are sustainable and resilient. And we’re seeing communities tackle homelessness by building permanent affordable housing with services. These are the types of community wins that we want to elevate with Our Way Home and encourage others to follow.”

As part of the Our Way Home initiative, HUD will continue to elevate community wins and learn from communities that are building and preserving affordable homes. HUD will be engaging communities in discussions on housing supply policies and resources in the coming months.

About Author: Eric C. Peck

Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com.
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