Press Release
☷The U S Department of Housing and Urban Development Delivers for the American People Increasing Home Ownership Opportunities Adding to the Supply of Affordable Housing Expanding Rental Assistance and Addressing Homelessness
U.S. Department of Housing and Urban Development ( By Press Release office)
Jan 12,2024
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The U . S . Department of Housing and Urban Development ( HUD ) , led by Secretary Marcia L . Fudge , has had a major impact on Americans . They have helped 1 . 5 million first - time homebuyers become homeowners . The first - time homebuyer rate under the Biden - Harris Administration is the highest it has been in over 20 years . Since Biden and Harris took office , nearly 1 . 8 million homeowners have been supported with purchase mortgages , and 1 . 5 million of them were first - time homebuyers . The FHA continues to provide significant support to historically underserved borrowers . Last year , more than four out of every five borrowers with FHA - insured mortgages were first - time homebuyers , while in the overall market , less than half of mortgages went to first - time homebuyers . The percentage of FHA ' s volume made up of mortgages for Black borrowers was three times higher than the rest of the market , and for Hispanic borrowers , it was double . In 2022 , close to half of all rural homebuyers who obtained low down - payment mortgages received FHA - insured mortgages . HUD has also been busy building and repairing over half a million units of affordable housing . Since 2021 , they have focused on constructing and fixing affordable housing units across their programs . HUD currently supports over 2 million units of public housing and additional units of multifamily apartments to ensure affordable options for families . The number of housing units under construction is at near - record levels . HUD has made administrative changes and worked with localities to ensure a portion of these units are affordable . They have implemented programs like low - cost financing , the Rental Assistance Demonstration program , and the CDBG - PRO Housing grant program to provide affordable options for renters as new units are built . In the past three years , HUD has issued more new rental assistance vouchers than in any three - year period in the last 20 years . They currently serve 2 . 5 million people with housing vouchers and have awarded around 120 , 000 new incremental housing vouchers under the Biden - Harris Administration , which is the largest increase in vouchers in 20 years . These include various types of vouchers like Veterans Affairs Supportive Housing ( VASH ) , Family Unification Program/Foster Youth to Independence ( FUP/FYI ) , Mainstream , Stability Vouchers , Emergency Housing Vouchers ( EHV ) , and flexible Housing Choice Vouchers . HUD has invested over $1 billion in housing for Tribal communities through various programs . They have also helped around 2 million homeowners with FHA mortgages avoid foreclosure and eviction during the COVID - 19 pandemic . Additionally , they have provided funding for legal assistance to over 19 , 000 low - income tenant households at risk of eviction . Overall , HUD programs have served or permanently housed more than 1 . 2 million people experiencing homelessness , including those in the Continuum of Care program and those receiving housing vouchers and public housing .
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