June, 2021 was proclaimed National Homeownership Month by President Joe Biden.
The White House issued a news release statement from President Biden stating, “We also know that people of color continue to face discrimination in our housing market — when trying to secure mortgages, to have their homes appraised, and to live in neighborhoods where their families can thrive. In recent years, the homeownership gap between Black and white families reached its widest point since 1968, when banks could still legally discriminate against borrowers based on the color of their skin.”
The news release went on to explain that President Biden took executive action to extend foreclosure moratoriums for nearly 11 million households with mortgages guaranteed by the Federal Government; introduced and passed the American Rescue Plan, which will deliver nearly $10 billion in relief for homeowners who have fallen behind on their mortgage payments during the pandemic; and, to create greater opportunities for homeownership moving forward, the President’s administration has proposed the American Jobs Plan — which can spur the construction and rehabilitation of more than 500,000 homes for buyers of more modest means.
The Department of Housing and Urban Development (HUD) will continue to advance affordable and sustainable homeownership. Each June is the time of year when HUD, the Federal Housing Administration (FHA) and others recognize the importance of homeownership and its impact upon the lives of American families, local neighborhoods, and the national economy.
At the core of HUD’s mission is the belief that every person deserves the chance to live with security, dignity, and hope in a place they can call home. This is why HUD is committed to doing everything it can to help advance affordable homeownership opportunities, particularly in communities of color and other underserved communities.
HUD has also been helping homeowners who struggled to pay their mortgages due to the COVID-19 pandemic. For homeowners with FHA-insured mortgages, they have implemented foreclosure and eviction moratoriums and required mortgage servicers to offer up to six months of forbearance initially, and up to six additional months per the homeowner’s requests.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
