National Homeownership Month, 2024, 48229-48230 [2024-12485]

Agencies

• Executive Office of the President

[Federal Register Volume 89, Number 109 (Wednesday, June 5, 2024)]
[Presidential Documents]
[Pages 48229-48230]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-12485]




                        Presidential Documents 



Federal Register / Vol. 89, No. 109 / Wednesday, June 5, 2024 / 
Presidential Documents

[[Page 48229]]


                Proclamation 10769 of May 31, 2024

                
National Homeownership Month, 2024

                By the President of the United States of America

                A Proclamation

                Owning a home is about more than putting a roof over 
                your family's head--it is part of the American Dream. 
                For generations, it has been a pathway to the middle 
                class, an opportunity to build community and to pass 
                down wealth to your children. But too many Americans 
                today still struggle to buy a home. This National 
                Homeownership Month, we recommit to giving every 
                American a fair shot at that dream.

                Whether they rent or buy, Americans deserve a safe 
                place to call home. That is why when I signed the 
                American Rescue Plan during the pandemic, we made sure 
                it kept six million families in their homes by 
                preventing foreclosures and evictions. Today, we are 
                seeing fewer foreclosures than at any time in decades; 
                and more people own homes now than did before the 
                pandemic. But we have more to do.

                My Administration is delivering on the most 
                consequential housing plan in more than 50 years, 
                lowering costs now and for the future. We have already 
                saved approximately 850,000 homeowners $800 per year 
                with Federal Housing Authority (FHA) mortgages. We are 
                providing financial assistance to help homeowners 
                repair and upgrade their homes, by doing things like 
                removing toxic lead pipes. Through my Inflation 
                Reduction Act--the largest climate bill in history--we 
                are lowering families' utility costs by helping them 
                make their homes more modern, energy-efficient, and 
                climate-resilient. The Department of Housing and Urban 
                Development (HUD) is helping Americans to access 
                resources that help avoid foreclosure and eviction and 
                that promote homeownership, financial literacy, and 
                financial planning.

                For new homeowners, my plan proposes a tax credit of 
                $5,000 per year for the next 2 years for any family 
                earning under $200,000--money they can put toward a 
                mortgage when they buy their first home or trade up for 
                more space. My plan would also provide first-generation 
                homebuyers with $25,000 for a down payment. The Federal 
                Housing Finance Agency is running a pilot program to 
                make it more affordable to refinance your home by 
                eliminating title insurance fees on certain federally 
                backed mortgages, which would save folks $1,500 at 
                closing. The FHA is now considering positive rental 
                history when making decisions about creditworthiness--
                ensuring that the people who could qualify for mortgage 
                financing receive it. We are also working to advance 
                fair housing, including by rooting out bias in the home 
                appraisal process, which keeps too many Black and Brown 
                families from enjoying the full financial returns of 
                homeownership.

                To ensure affordable housing is available long-term, we 
                also have to increase supply--and that means building 
                new homes. With help from the Congress, my 
                Administration has cut red tape so more builders can 
                get Federal financing for new projects. Thanks in part 
                to these efforts, a record 1.7 million new housing 
                units are now under construction nationwide. My new 
                plan would build two million more affordable homes, 
                including 400,000 that would be for-sale, rather than 
                for rent, through the creation of the Neighborhood 
                Homes Tax Credit. My Administration is also making it 
                easier for communities to use Federal financing to 
                build and renovate, or convert spaces like empty 
                offices or hotels into housing.

[[Page 48230]]

                Across the country, Americans are today writing one of 
                the greatest comeback stories ever told. Not only are 
                we getting shovels in the ground and building homes for 
                the next generation, but we are also seeing more people 
                buy homes for the first time--taking that next step 
                toward long-term security for themselves and their 
                families. Today, more folks can feel that pride of 
                getting their first home, pride in settling down with 
                their families in a new home, pride in our communities 
                and pride in America. We are going to keep creating 
                those new cycles of hope.

                NOW, THEREFORE, I, JOSEPH R. BIDEN JR., President of 
                the United States of America, by virtue of the 
                authority vested in me by the Constitution and the laws 
                of the United States, do hereby proclaim June 2024 as 
                National Homeownership Month. I call upon the people of 
                this Nation to safeguard the American Dream by ensuring 
                that everyone has access to an affordable home in a 
                community of their choice.

                IN WITNESS WHEREOF, I have hereunto set my hand this 
                thirty-first day of May, in the year of our Lord two 
                thousand twenty-four, and of the Independence of the 
                United States of America the two hundred and forty-
                eighth.
                
                
                    (Presidential Sig.)

[FR Doc. 2024-12485
Filed 6-4-24; 11:15 am]
Billing code 3395-F4-P