HUD Provides Framework to Advance Housing Equity Nationwide
- Source: DSNews.com
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The Daily Dose, issued by DSNews, highlighted that the “U.S. Department of Housing & Urban Development (HUD) has issued its Equity Action Plan, drafted to reiterate the Biden Administration’s goal of advancing equity for all communities across the nation.
“Equity is central to HUD’s founding principles and the daily work we do as a Department,” said HUD Secretary Marcia L. Fudge. “We are excited to take this opportunity to join the rest of the federal government in emphasizing our commitment to making equity a leading compass within this Administration.”
Highlights of the Plan for fiscal year 2022-2026 include:
- Federal Housing Administration (FHA) activities to maximize homeownership for
creditworthy first-time homebuyers and preserve homeownership for existing homeowners.
- Increased engagement with non-traditional lenders, including community-based institutions, to better reach underserved communities.
- Continued analysis into mechanisms to increase the availability of small-dollar mortgage
loans by addressing the financial and operational barriers limiting origination of these loans.
- Office of Native American Programs’ Office of Loan Guarantee activities to increase residential mortgage lending on tribal trust lands, including increased lender outreach and information modernization.
- Efforts to ensure manufactured housing is a thriving source of affordable, quality, durable, and safe housing for Americans include implementing up-to-date Manufactured Housing Construction and Safety Standards.
- Expanding access to financing for affordable housing types like manufactured housing through updates to the Title I program.
- Providing increased support to individuals through culturally responsive and linguistically competent housing counseling; targeted outreach to historically underserved populations; and updated tools to enhance the customer experience and improve equitable access to housing counseling.
- Improving asset and credit building for renters interested in transitioning to homeownership.
- Implementing actions to reduce bias in home appraisals as identified by PAVE.
- Applying knowledge gains from the outreach pilot to individuals on access to credit to inform program design across relevant program areas.
- Proposing a 40-Year Term for Loan Modifications Rule, currently under OMB review, which will allow mortgagees to provide borrowers in default with a loan modification for up to 480 months to help borrowers reduce monthly mortgage payments and retain their homes.
- Advancing equity in HUD’s delivery of homelessness assistance programs.
- Working with federal partners to identify opportunities to support an increase in housing supply.
HUD’s plan will help both consumers and mortgage lenders. As changes arise, Treliant is here to help.