President Joe Biden issued a proclamation declaring June as National Homeownership Month. President Biden says, “homeownership is the cornerstone of a life with security, with dignity, and with hope. A home is more than four walls and a roof; it is a place where we can celebrate triumphs and weather the trials of life.” The President goes on to say, “Today, for people across the United States, the desire to own a home burns as brightly as it ever has.”
Unfortunately, for many, the desire of homeownership is out of reach. For example, many have put that dream on the back burner because of the COVID-19 pandemic. Furthermore, the President recognizes that people of color still face discrimination when trying to get a mortgage, have properties appraised, or live in neighborhoods where their families can thrive.
It is an issue the U.S. Housing & Urban Development Secretary is tackling head-on. Secretary Marcia L. Fudge will serve as keynote speaker at an event promoting black homeownership at Cleveland State University. Fudge, an alumna of Cleveland State, will also recognize Juneteenth at the event. HUD officials say speeches at the event will focus on economic justice and closing the racial wealth gap.
This week, Fudge said, “We have a lot of work to do,” when addressing mayors of cities across the nation. “We know right now there’s no place in this country where a person making minimum wage can even afford a two-bedroom apartment, let alone a place to call home.”
Addressing Homeownership Issues
Fudge also says the Biden Administration wants to put $300 billion into housing. She says the administration views housing as key infrastructure. In addition, The American Rescue Plan will invest $150 billion into HUD programs. Billions will also be used to improve existing housing options.
President Joe Biden echoed that message saying HUD will continue to advance affordable and sustainable Homeownership. Biden says, “This will require that we help more hardworking Americans purchase their first homes, increase access to credit and mortgage insurance for borrowers of color, and fully enforce the 1968 Fair Housing Act — to root out systemic discrimination from our housing market and break down the unjust barriers that prevent too many Americans from buying a home.” You can read the President’s full proclamation here.
Another critical issue to homeownership right now is the ongoing COVID-19 pandemic. This week, we learned more than 325,000 people could lose their properties because of late mortgage payments. Federal assistance is available, but time is running out. You must apply for assistance by the end of June. Navigate Affordable Housing Partners is also assisting those behind on rent. If you need help, click here for more options available to you.