The U.S. Department of Housing and Urban Development’s (HUD) Office of Housing Counseling will receive almost $40 million in funds to expand counseling services into underserved communities, according to Vice President Kamala Harris and HUD acting Director Adrianne Todman.

The two leaders announced the funding during Harris’ nationwide Economic Opportunity Tour on its stop in Milwaukee.

“Homeownership represents more than just a roof over our heads; it represents financial security, the opportunity to build wealth and equity, and a foundation for a better future for ourselves, our children, and future generations,” Harris said. “That is why President [Joe] Biden and I are continuing to address barriers to housing by announcing $40 million to expand housing counseling services in communities across the country.

“This new funding to more than 165 housing counseling agencies will build economic opportunity while helping homebuyers throughout America improve their credit, find down payment assistance programs, understand loan terms and types of mortgages, navigate the application process, and identify housing discrimination.”

As Harris stated, more than 165 housing counseling agencies and intermediary organizations will receipt grants, with 14 of the grantees partnering with 60 historically Black colleges and universities as well as minority serving institutions to support new homeowners of color and other marginalized communities.

The funds may be used for counseling services on myriad of topics, including financial management and literacy, homeownership and affordable rental housing.

“This past year, HUD-approved housing counseling agencies reached almost one million Americans, providing them with invaluable advice on important topics like financial literacy, maintaining a home, and avoiding foreclosure,” Todman said. “[W]e are providing $40 million more to expand these services – specifically for underserved communities – so we can build the next generation of homeowners and close the racial homeownership gap.”