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HUD To Make Historic Investments In Housing

Biden-Harris administration takes on racial discrimination in housing, builds climate resilience homes, delivers rental assistance, and advances an equitable housing finance system.

December 20, 2023

Washington- Conditions used to be bleak during the beginning of the administration. Millions of Americans could not access quality, safe, and affordable housing options amidst the COVID-19 pandemic. The Department of Housing and Urban Development (HUD) has made historic strides to provide housing assistance, expand homeownership opportunities, build climate resilience communities, and root out discrimination under the leadership of Secretary Marcia L. Fudge.

In three years, HUD has managed to house people via new incremental vouchers along with addressing racial discrimination in housing.

HUD’s Secretary Marcia L. Fudge said, “I could not be prouder to serve an Administration and a Department that is expanding access to affordable housing like never before. Amid a tough housing market, the need has never been greater for our assistance. But we are working to meet the challenge. From broadening homeownership opportunities for first-time homebuyers to taking on discrimination in housing, we are making a real impact on those we serve.”

HUD has issued approximately 120,000 new incremental housing vouchers, including various types such as VASH, FUP/FYI, Mainstream, Stability Vouchers, EHV, and flexible Housing Choice Vouchers. Additionally, HUD contributed to the launch of the White House Blueprint for a Renters Bill of Rights and allocated $10 million for tenant education and outreach.

In a new effort to address evictions, HUD proposed a rule requiring public housing agencies and property owners participating in HUD Multifamily project-based rental assistance programs to provide tenants with a 30-day eviction notice.

Besides this, the first-time homebuyer rate has been the highest since 2000 under the Biden-Harris administration. FHA supported nearly 1.8 Million homeowners with purchase mortgages since the start of the administration. But this year, more than four out of five borrowers with FHA-insured mortgages are first-time homebuyers.

HUD is also implementing the Fair Housing Act (FHA) to address the housing disparities in housing for the members of the protected class to root out discrimination in housing. Moreover, HUD is creating the first-ever HUD program to invest in energy efficiency, climate resilience, and energy generation to approach climate investment.

Ginnie Mae is actively promoting social and sustainable impact investment in the capital markets, particularly for lower-income borrowers and underserved communities. They have signed interagency agreements with government insuring agency partners to enhance data disclosures and borrower outcomes.

Ginnie Mae introduced a pioneering “social label” and a framework for social impact and sustainability in MBS investments. Additionally, they have rapidly expanded a green bond program, with over 50% of their portfolio now supporting environmentally sustainable multifamily projects, affordable housing, or both, in under two years.

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The content provided in this article draws inspiration and includes quotes from various reputable sources, including news articles, government data, and interviews. Affordable Housing 411 strives to ensure accuracy and credibility, but the information presented may be based on some external sources. We encourage readers to refer to the referenced materials for more in-depth insights and verification.

Department of Housing and Urban Development. “HUD Closes 2023 with Historic Investments in Housing”. Department of Housing and Urban Development, December 20, 2023,
HUD Closes 2023 with Historic Investments in Housing | HUD.gov / U.S. Department of Housing and Urban Development (HUD)

Last Updated: September 20, 2021