U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson recently shared his vision for how the agency can help Americans achieve higher levels of homeownership.
His remarks came June 7 during the D.C. Housing Authority Homeownership Celebration in Washington, D.C.
“During this month of June – which is designated as ‘National Homeownership Month’ – we are reminded that homes are not simply physical structures. They are what binds strong families, strong communities and ultimately, a strong nation, together,” Carson told attendees, according to a HUD news release. “Time and again, it has been shown that homeownership is the most powerful tool for wealth creation in our country.”
According to the National Association of Realtors (NAR), the average net worth of a renter is $5,000. The average net worth of a homeowner is $200,000 – a 40-fold difference, Carson added.
Therefore, HUD is promoting several programs to promote self-sufficiency, strong families and job training – all essential building blocks for sustainable homeownership, Carson said.
For instance, the administration’s new Opportunity Zones initiative is designed to spur private investments into economically distressed communities through tax incentives.
“Few programs in modern American history have the potential to touch the lives of so many people as powerfully as Opportunity Zones, which are now home to nearly 35 million Americans, including 2.4 million HUD-assisted individuals, in all 50 states, Washington, D.C. and five U.S. territories,” Carson said. “That’s roughly 10 percent of the country, deliberately targeted for revitalization.”
HUD also recently announced a $74 million grant to hundreds of public housing authorities across the country to help residents reduce their dependency on government assistance without increasing their rent.