HUD Secretary Delivers Oral Testimony to the U.S. House Committee on Financial Services

HUD No. 24-004 HUD Public Affairs (202) 708-0685

FOR RELEASE Thursday January 11, 2024

WASHINGTON - On Thursday, January 11, 2024, at 10 a.m. EST, Marcia L. Fudge, the 18th Secretary of the U.S. Department of Housing and Urban Development, provided oral testimony to the U.S. House Committee on Financial Services.

Secretary Fudge highlighted HUD's historic work to boost housing supply, expand access to affordable housing, root out discrimination in housing, and promote homeownership opportunities.

Below is Secretary Fudge's oral testimony, as delivered:

Chairman McHenry, Ranking Member Waters, and distinguished Members of the House Financial Services Committee. Thank you for the opportunity to testify today on the state of the Department of Housing and Urban Development (HUD). The support of this Committee is critical to ensuring that every American has a roof over their head and the ability to live in strong and resilient communities.

When this Administration began, conditions were bleak. During the COVID-19 pandemic, millions of Americans lost or had little access to quality, safe, and affordable housing. Many more were at severe risk of losing their homes. Thanks to the decisive action, resources, and the leadership of President Biden, Vice President Harris, and leaders in Congress, we were able stave off the worst impacts of the pandemic.

Now, three years later, HUD has made historic strides to provide direct housing assistance, expand opportunities for homeownership and affordable rental housing, root out discrimination in housing, and build strong and resilient communities in urban centers and rural areas, alike.

Yet, we all know there is an ever-growing need for the types of assistance HUD provides.

Our agency directly serves more than 9 million people monthly in every corner of our nation through our rental assistance programs alone, and we do far more than provide rental assistance. We oversee the supply of our nation's most affordable, and often most vulnerable, housing. We invest in community development, disaster recovery, and bolster economic opportunities for people of all backgrounds.

The impact our work has on the lives of families across the United States cannot be overstated.

Since 2021, HUD's programs have served or permanently housed 1.2 million people experiencing homelessness.

We have supported nearly 1.8 million homeowners through the Federal Housing Administration, including one and a half million first-time homebuyers.

FHA has ensured that some 2 million homeowners with FHA mortgages could avoid foreclosure and stay in their homes during the pandemic.

HUD has issued 120,000 new vouchers in the last three years. And that is a 20-year record.

At the same time, we have worked across all programs to build, fund, or preserve at least 1.4 million units of affordable housing.

And we are building more. There is a historic level of construction happening across the country today.

All we have accomplished is in direct alignment with the priorities I laid out during our April 2023 Budget hearing. Those priorities will continue to serve as our guide for 2024. They will because they must.

President Biden's vision is to build a better America-to ensure that every person has the opportunity to get ahead. To address longstanding systemic challenges, including racial injustice and rising economic inequality. To tackle the climate crisis, grow the economy from the bottom up and middle out, and expand on the historic progress our country has made over the years.

We will not get there without a strong HUD. We will not reduce, and ultimately end, homelessness without a strong HUD. We won't be able ensure our communities can withstand the impact of extreme weather, nor will have the ability to build our housing supply up to the level we need it to be.

We have done a tremendous amount of work over the past three years.

I am proud of the Department and the positive impact that we are making on those we serve. HUD is committed to its mission, and our dedication to our important work has been made clear by the historic policies and impact our resources have had across the United States.

Chairman McHenry, Ranking Member Waters, and distinguished Members of the House Financial Services Committee, I look forward to working with you. I thank you for the opportunity to appear before you today to discuss HUD's priorities, the Department and how HUD will continue to serve our most vulnerable citizens, increase the resilience of our communities, and tackle the challenges facing our Nation.