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This week’s announcements by the Department of Housing and Urban Development (HUD) include:
- January residential sales numbers released
- Secretary Fudge makes statement on decrease in black homeownership
- HUD and DOE announce Better Climate Challenge
- FHA insures mortgages for housing units in CA and CO
- Disaster assistance for IA and NE announced by HUD
January residential sales numbers released
Date Posted: February 24, 2022
There was a Seasonally Adjusted Annual Rate (SARR) of 801,000 new single-family home sales in January, 2022, as estimated by HUD, and the Census Bureau.
This year’s sales are 19.3% below the January, 2021 estimate of 993,000. The press release states that the January, 2022 sales were 4.52% above the previous month’s rate. However, the reported rate for December, 2021 was 839,000; which does not align with the statement that month-to-month sales increased.
The major sales numbers reported are:
- New Houses Sold (SAAR): 801,000
- New Houses For Sale (Seasonally Adjusted): 406,000
- Median Sales Price: $423,300
More information about January, 2022 home sales can be found here.
Secretary Fudge makes statement on decrease in black homeownership
Date Posted: February 24, 2022
A new report confirms that there are fewer black homeowners in America than there were a decade ago. This is despite the largest annual increase in homeownership rate between 2019, and 2020.
HUD Secretary Marcia L. Fudge said:
“It is critical that we bridge the racial homeownership gap with intentional solutions that recognize both the persistent history of discrimination and inequity, and the current crisis of housing affordability. We must recognize that Black Americans are more likely to carry student loan debt and have higher balances. Black Americans are also more likely to experience discrimination in the housing market.”
The report, titled “2022 Snapshot of Race and Home Buying in America,” was released by the National Association of Realtors (NAR). It states that the homeownership rate in the country rose 1.3% between 2019 and 2020, which is the largest annual increase on record.
However, the homeownership rate for black Americans has decreased by 0.8% from 2010 to 2020.
Secretary Fudge continued to say:
“At HUD, we are meeting this challenge in a number of ways including taking steps to make homeownership more accessible to those with student loan debt; tackling bias in the homebuying process; and making it clear that certain Special Purpose Credit Programs are lawful and are an important tool to help expand access to credit and homeownership for those who have experienced systemic and generational exclusion.”
More information about Secretary Fudge’s statement can be found here.
HUD and DOE announce Better Climate Challenge
Date Posted: February 28, 2022
A public partnership of more than 80 American organizations to reduce carbon impacts was announced last week by HUD Secretary Marcia L. Fudge, Department of Energy (DOE) Secretary Jennifer M. Granholm, and White House National Climate Advisor Gina McCarthy.
The goal of this partnership is to share innovative strategies to decarbonize.
Secretary Fudge said:
“The Challenge is not just about cutting carbon pollution but about supporting communities that all too often bear the brunt of climate change while seeing too few of the benefits from the energy transition…We have a tremendous opportunity to deliver climate justice to disadvantaged communities, lower energy expenses in affordable housing, and accelerate mitigation efforts to protect at-risk communities from natural disasters and the impacts of climate change.
More information about this partnership can be found here.
FHA insures mortgages for housing units in CA and CO
Dates Posted: February 24 and February 28, 2022
The Federal Housing Administration (FHA) has insured mortgages for 322 new affordable rental units in North Hollywood, CA and Denver, CO.
The FHA closed a $20.3 million mortgage for 203 units for low-income seniors in North Hollywood CA. Another $24.5 million mortgage closed for 119 affordable multifamily units in northeast Denver, CO.
More information about the California units can be found here, and information about the Colorado units can be found here.
Disaster assistance for IA and NE announced by HUD
Date Posted: February 24, 2022
HUD announced federal disaster assistance last week for survivors of severe storms, straight-line winds, and tornadoes on December 15, 2021 in parts of Iowa and Nebraska.
Help will be given to Iowa residents in the Counties of Appanoose, Audubon, Buena Vista, Calhoun, Cass, Cherokee, Davis, Emmet, Floyd, Franklin, Greene, Guthrie, Hamilton, Hancock, Howard, Humboldt, Mills, Mitchell, Palo Alto, Pocahontas, Sac, Van Buren, Webster, Worth, and Wright.
Assistance will also be given to Nebraska residents in the Counties of Adams, Buffalo, Burt, Cass, Cuming, Fillmore, Gage, Hamilton, Harlan, Jefferson, Johnson, Kearny, Nemaha, Nuckolls, Otoe, Pawnee, Platte, Polk, Richardson, Saline, Sarpy, Saunders, Thayer, Washington, and Webster.
More information about disaster assistance for Iowa can be found here, and information for Nebraska can be found here.
