Washington, DC – Started as ‘National Homeownership Day’ under President Bill Clinton on June 5, 1995, within two years the week of June 5th became ‘National Homeownership Week.’ By 2002 under President George W. Bush, the week evolved into ‘National Homeownership Month,’ a time to raise awareness about homeownership and to celebrate families, communities, and the economic prosperity homeownership often brings.
HUD’s theme this year is ‘Preserving the Dream,’ which reinforces the Obama Administration’s work to build a more durable and fair housing finance system that promotes the American Dream of homeownership while preventing the unsustainable forms of home purchase that fueled the recent housing crisis.
HUD Secretary Shaun Donovan said, “Homeownership Month is a time to reaffirm the important role that ‘home’ plays for our families and the neighborhoods where they live. Owning a home has historically been the principal vehicle for Americans to build equity, start businesses, put kids through college, and retire with comfort and dignity. After all we’ve been through, we must stand by an institution that has helped build our nation’s middle class.”
HUD is also taking concrete steps to preserve homeownership by increasing access to mortgage credit. This spring, the Federal Housing Administration(FHA) issued its "Blueprint for Access,” outlining the additional steps the agency is taking to expand access to credit for underserved borrowers. These steps include enhancing FHA’s quality assurance processes and encouraging a broader use of housing counseling through the Homeowners Armed with Knowledge (HAWK) program.
By clarifying quality assurance policies, FHA seeks to encourage lenders to make loans to a broader range of qualified, underserved borrowers. Under the HAWK for new homebuyers pilot program, homebuyers who commit to housing counseling will qualify for tangible savings on their FHA-insured loans. For example, a buyer with a loan of $180,000 might save approximately $325 a year – or nearly $10,000 over the life of their loan.
By completing HUD-approved housing counseling provided through independent nonprofit organizations, homebuyers will be given the tools they need to understand the rights and responsibilities of homeownership.
Visit HAWK's informational page for more details on the program and help to preserve the dream.
This article was originally published in The Bridge, Volume 2, Issue 12.