Fiscal Year 2023 Homeownership Initiative

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The Homeownership Initiative (HI) helps to bridge the homeownership gap by increasing homeownership rates among Underserved Communities. HUD-approved Intermediaries, Multi-State Organizations, and State Housing Finance Agencies will receive Fixed Amount Awards to provide Culturally Sensitive, Linguistically Appropriate Housing Counseling that results in home purchase, mortgage origination, and preservation of ownership. The purpose of this housing counseling is to improve the likelihood that a household is ready for the long-term legal and financial responsibility of homeownership and that terms and conditions of a mortgage are well-matched with the household’s personal and financial circumstances. The scope of pre-purchase counseling includes awareness of state and local property law and homeownership assistance programs, such as down payment and closing cost assistance, gap financing, and sweat equity. The scope of post-purchase counseling includes home maintenance, repair, and safety to preserve the property and mortgage relief programs to preserve ownership where feasible. All counseling and follow-up must be provided in accordance with the Housing Counseling Program regulations (24 C.F.R. Part 214).