To our members and homeowners across the state, happy Homeownership Month!
The United States marked the first annual Homeownership Month in June 2020. It was established as an opportunity for the United States Department of Housing and Urban Development (HUD), the Federal Housing Administration, and others to “recognize the importance of homeownership and its impact upon the lives of American families, local neighborhoods, and the national economy.”
“For many Americans, a home is more than just a residence. It is a place that instills a sense of pride, security, and comfort that, no matter what challenges in life arise, they have somewhere to go and call their own,” said President Joseph R. Biden Jr. “During National Homeownership Month, we recognize the importance of housing and reaffirm our commitment to ensuring that everyone has a place to call home.”
HUD added, “At the core of our mission is the belief that everyone deserves the chance to live with security, dignity, and hope in a place they can call home. This is why we are committed to doing everything we can to address critical housing supply and affordability challenges, while working to advance affordable homeownership opportunities that ultimately serve as a means to unlock generational wealth-building potential.” Their first step, “Removing Barriers.”
HUD is dedicated to breaking down racial and other longstanding barriers that continue to limit access to homeownership by:
- Addressing disparities in homeownership rates and the affordability gap that is a significant and widespread barrier.
- Exploring ways to expand access to mortgage credit to low- and moderate-income individuals and families, and first-time homebuyers, particularly in communities of color and other underserved communities.
- Increasing awareness of HUD participating housing counseling agencies in communities that need support.
- Supporting efforts like Property Appraisal and Valuation Equity (PAVE), a first-of-its-kind interagency task force, co-chaired by HUD's Secretary Fudge and Domestic Policy Advisor Ambassador Rice, to help end discrimination in home valuations and advance equity in the appraisal process through addressing racial and ethnic bias that can cause a low valuation during the home buying or refinance process.
Over the past couple of years, our homes have served as a sense of safety and sanity in a time of great uncertainty and fear. Now, as the world opens back up and we return to our offices, our schools, and so much more, it’s worthwhile to celebrate and reflect on what it means to be an American homeowner.
As REALTORS® and firm believers in the American Dream of homeownership, how do you plan on recognizing Homeownership Month?