The Trump Administration proclaimed June as National Homeownership Month, a time to reflect upon the impact owning a home has on household wealth, neighborhood stability and the nation’s broader economic health. The theme of National Homeownership Month 2017 is “Find Your Place in a New Era of Homeownership.” Read the President’s Homeownership Month Proclamation.
Today, U.S. Housing and Urban Development Secretary Ben Carson kicked off the month-long recognition by hosting an academic forum on the state of homeownership in the U.S. following the housing crisis, specifically the challenges Millennials face as they enter the market in greater numbers.
“After all we’ve been through, homeownership remains an American value and the cornerstone of our economy,” said Secretary Carson. “Today, we recognize the abiding value of owning a home, and rededicate ourselves toward ensuring that every hardworking and credit-worthy American enjoys a fair chance at becoming a homeowner.”
President Trump is committed to growing America’s middle class and strengthening the national housing market. The 2018 Budget continues to support homeownership through the Federal Housing Administration’s mortgage insurance programs, providing up to $400 billion in new loan guarantee authority. In addition, the Budget seeks $500 billion in new guarantee authority for Ginnie Mae, a part of HUD. Ginnie Mae makes affordable housing a reality for millions of low- and moderate-income households by channeling global capital into the nation's housing markets. Specifically, Ginnie Mae provides significant liquidity, allowing lenders to obtain a better price for their mortgage loans in the secondary mortgage market. The lenders can then use this liquidity to fund new mortgage loans.
Since its creation in 1934, the Federal Housing Administration (FHA) has helped more than 46 million Americans purchase or refinance their homes. Last year alone, FHA insured more than 1.2 million home loans, totaling $245 billion. An estimated 40 percent of all first-time homebuyers use FHA; 47 percent of home purchases by African American households are FHA-insured borrowers; and nearly half of Hispanic homebuyers rely upon an FHA-insured mortgage to purchase their homes.
Throughout Homeownership Month, HUD will host several social media events. Follow National Homeownership Month activities on Twitter at #FindYourPlace.