HUD Makes $10 Million Available to Support New Homebuyers and Bridge Wealth Gap

By klrw460 March 5, 2024

The Office of Housing Counseling under the U.S. Department of Housing and Urban Development (HUD) has announced the availability of $10 million in grant funding for eligible HUD-approved housing counseling agencies. This funding is designated for the preparation and support of prospective homebuyers through the homebuying process.

The allocation aims to enable HUD-approved housing counseling agencies to offer culturally sensitive and linguistically appropriate pre- and post-purchase housing counseling services. The initiative seeks to elevate homeownership rates within historically underserved communities, reflecting the Biden-Harris Administration’s dedication to narrowing the racial wealth gap and addressing the barriers to homebuying that disproportionately impact marginalized groups.

HUD Secretary Marcia L. Fudge expressed the department’s dedication to broadening homeownership access, particularly for communities historically excluded from homebuying opportunities. She emphasized the critical role housing counselors play in providing essential information and guidance to prospective homebuyers, facilitating wealth-building through homeownership.

Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon highlighted the significance of HUD-approved housing counseling agencies and certified housing counselors as trusted advisors to a diversely evolving generation of homeowners. She pointed out the importance of culturally and linguistically tailored housing counseling in assisting households to realize the benefits of homeownership, including the potential for intergenerational wealth accumulation.

Deputy Assistant Secretary for Housing Counseling David Berenbaum noted that the grant initiative is modeled after successful public and private sector partnerships. The grants are intended to broaden homeownership access, underscore the importance of pre- and post-purchase housing counseling, and enhance the availability of HUD-approved counseling services across the nation.

Details regarding application submission requirements and the process are accessible on grants.gov, with a submission deadline set for April 4, 2024

For the full details and insights, please refer to the original press release at the following link: https://www.hud.gov/press/press_releases_media_advisories/HUD_No_24_046