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HUD No. 24-046
HUD Public Affairs
(202) 708-0685
FOR RELEASE
Tuesday
March 5, 2024

HUD Makes $10 Million Available to Support New Homebuyers and Bridge Wealth Gap

First of its kind Notice of Funding Opportunity will support housing counseling services for prospective homebuyers in underserved communities.


WASHINGTON - The U.S. Department of Housing and Urban Development’s (HUD) Office of Housing Counseling has announced that $10 million in grant funding is available to eligible HUD-approved housing counseling agencies. These agencies will use the funding to prepare and equip prospective homebuyers to successfully navigate the homebuying process.

This new funding will enable HUD-approved housing counseling agencies to provide culturally sensitive and linguistically appropriate services for pre- and post-purchase housing counseling, aiming to increase homeownership rates among historically underserved communities. The funding affirms the ongoing commitment of the Biden-Harris Administration to help close the racial wealth gap and address homebuying barriers that disproportionately affect marginalized communities.

“HUD is committed to expanding access to homeownership, especially for those who have been shut out of homebuying opportunities for far too long,” said HUD Secretary Marcia L. Fudge. “Housing counselors across America offer invaluable information and guidance. I am pleased that even more people will be able to access their services, purchase homes, and begin building wealth, thanks to today's announcement." 

“HUD-approved housing counseling agencies and HUD certified housing counselors serve as trusted advisors to the next generation of homeowners, who will be the most diverse in our nation’s history,” said Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon. “Access to high quality, culturally and linguistically appropriate housing counseling can help more households attain the many benefits of homeownership, including the ability to build intergenerational wealth.”

“Modeled on successful public and private sector partnership initiatives, these grants will expand access to homeownership, affirm the impact of pre- and post-purchase housing counseling, and expand the availability of HUD-approved counseling for consumers nationwide,” said Deputy Assistant Secretary for Housing Counseling David Berenbaum.

More information about the submission requirements and process are available on grants.gov. Applications must be submitted by April 4, 2024.

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