The U.S. Department of Housing and Urban Development’s (HUD) Office of Housing Counseling issued $10 million to help address the homeownership gap between white communities and communities of color and bolster generational wealth building.
Twenty-three HUD-approved housing counseling agencies will receive a portion of these funds to support activities that prepare and equip prospective homebuyers to navigate the homebuying process and help them access affordable homes.
“Under the Biden-Harris administration, we are unlocking doors of opportunity for families to achieve homeownership and build generational wealth,” HUD acting Secretary Adrianne Todman said in a release. “This Homeownership Month, I’m proud to announce that we are awarding another $10 million to equip prospective homebuyers with the tools they need to navigate the process, which will expand homeownership to everyone who wants it.”
In the release about the newly available funds, HUD stated the grants will enable recipients to provide culturally sensitive and linguistically appropriate services for pre- and post-purchase housing counseling. The goal is to increase homeownership rates among historically underserved communities, to narrow the racial wealth gap, and address homebuying barriers that affect marginalized communities.
“Housing counseling agencies play a unique and critical role in helping first-time homebuyers achieve homeownership,” Assistant Secretary for Housing Julia Gordon said. “[These] grant awards will help housing counseling agencies throughout the country reach those who may never have believed they could own a home and help them to prepare for, enter into, and maintain homeownership.”
Recipients included the National Association of Real Estate Brokers – Investment Division, Inc. of California, the National Coalition for Asian Pacific American Community Development in Washington, D.C., Neighborhood Reinvestment Corp. dba NeighborWorks America in Washington, D.C., and the National Urban League of New York.
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