|HUD No. 24-005
HUD Public Affairs
January 11, 2024
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
The U.S. Department of Housing and Urban Development (HUD), under the leadership of Secretary Marcia L. Fudge, has made an instrumental impact on Americans:
HUD supported homeownership for 1.5 million first time homebuyers.
- The Federal Housing Administration’s (FHA) first-time homebuyer rate under the Biden-Harris Administration is the highest it has been in over 20 years. Since the start of the Biden-Harris Administration, FHA has supported nearly 1.8 million homeowners with purchase mortgages, and 83.6 percent or 1.5 million of whom are first-time homebuyers.
- Under the Biden-Harris Administration, FHA continues to provide outsized support to historically underserved borrowers.
- This past year alone, more than four out of every five borrowers with FHA-insured mortgages are first-time homebuyers, while in the market, fewer than half of mortgages are made to first-time homebuyers.
- The percentage of FHA’s volume comprised of mortgages made to Black borrowers was triple the rate of the rest of the market, and for Hispanic borrowers it was double.
- According to calendar year 2022 data, close to half of all rural homebuyers who obtained low down-payment mortgages obtained mortgages insured by FHA.
HUD has built and repaired more than half a million units of affordable housing.
- Since 2021 HUD has worked across its programs to build and repair more than half a million units of affordable housing.
- HUD supports and continues to fund over 2 million units of public housing and supports additional units of multifamily apartments to preserve affordable options for families.
- The number of housing units under construction are near record highs. New housing construction peaked at 1.7 million units in 2022 and remained has elevated since the end of the COVID-19 pandemic. As part of this construction surge, HUD has made administrative changes and worked with localities to ensure a portion of those units are affordable. New and existing programs like low-cost financing through the Federal Financing Bank, the Rental Assistance Demonstration program, and CDBG-PRO Housing grant program are designed to make sure renters have affordable options as units are built.
HUD has issued more new rental assistance vouchers in the last 3 years than have been issued in any 3-year period in 20 years.
- HUD serves 2.5 million people using housing vouchers and HUD has issued more new vouchers in 3 years than has been issued in any 3-year period in 20 years.
- Under the Biden-Harris Administration, HUD has awarded roughly 120,000 new incremental housing vouchers –the largest increase in vouchers in 20 years– including new 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 invested more than $1 billion for housing in Tribal communities through the Indian Housing Block Grant (IHBG) Formula program, the IHBG Competitive program, the Indian Community Development Block Grant program, and the Native Hawaiian Housing Block Grant program.
HUD has helped approximately 2 million homeowners with FHA mortgages avoid foreclosure and helped thousands avoid eviction.
- The Federal Housing Administration (FHA) ensured that approximately 2 million homeowners with FHA mortgages were able to stay in their homes from the beginning of the COVID-19 pandemic in March 2020 through December 2022.
- Funded legal assistance to over 19,000 low-income tenant households at risk of, or subject to, eviction by doubling funding for the Eviction Protection Grant program – a first of its kind program funded in 2022.
HUD programs have served or permanently housed more than 1.2 million people experiencing homelessness.
- In the last 3 years, HUD programs have served or permanently housed over 1.2 million people experiencing homelessness. This includes over 980,000 people served through the Continuum of Care program and over 230,000 households through housing vouchers and public housing.