As Delivered: HUD Acting Secretary Provides Remarks at Vice President Kamala Harris’ Economic Opportunity Tour in Charlotte, NC

Acting Secretary Todman speaks to the Biden-Harris Administration’s work to lower housing costs and expand economic opportunity

CHARLOTTE - Today, Adrianne Todman, Acting Secretary of the U.S. Department of Housing and Urban Development (HUD), provided remarks at Vice President Kamala Harris’ Economic Opportunity Tour in Charlotte, North Carolina.

Acting Secretary Todman spoke to HUD and the Biden-Harris Administration’s work to lower housing costs, boost the supply of affordable housing, and open doors of opportunity for families across the U.S.

Below are Acting Secretary Todman’s remarks, as delivered:

Hello Charlotte!

It is good to be here. It is good to be in the great state of North Carolina!

As HUD’s leader, I meet a lot of people while I’m traveling the country.

What I hear most folks say is that people just want a fair shot to get ahead. Isn’t that right?

They want to be able to put down roots, save for their future, and have something they can leave behind for their children and their grandchildren.

And I am so proud to serve in an Administration that is making sure folks have that fair shot.

This Administration, from Day One, has worked to ensure Americans of all backgrounds can access the tools and resources they need to build the lives of their dreams.

A few weeks ago, I was in Denver, where I met a mom who was able to save enough money while she was living in subsidized housing that she was able to buy a home for herself and her three kids. She talked about how excited the kids were, running and finding their own bedrooms.

And it’s all thanks to a program that we run at HUD, that under this Administration, we expanded under this President and our Vice President.

Or maybe the families I have met who received downpayment assistance, bought their home, and are now building wealth for their families.

It’s stories like these that live in communities here in Charlotte and across the country. And they’re happening because our President and our Vice President have made it their priority to create economic opportunities.

In fact, right here in Charlotte and across the state of North Carolina, hundreds of thousands of families are able to buy their first home – and keep their homes — because of investments and changes this Administration made from Day One.

And it means thousands of people are building wealth and equity that they can pass on to the next generation.

And we’re here today because we want to make sure we open those doors of opportunity for even more people, including people with medical debt.

It’s estimated that if medical debt is no longer counted on a person’s credit score, their score will increase by about 20 points on average.

That might seem like it’s not a lot, but it could make a big difference between qualifying for a mortgage for your first home or qualifying for a mortgage to help your kids.

In fact, it’s estimated that this change alone will lead to some 22,000 new mortgages – so that means 22,000 families – being approved every year.

And more families can reap the benefits of generational wealth through homeownership. And I am happy to say that because June is National Homeownership Month!

This is what’s possible when you have a President and a Vice President, and my colleagues across the federal family, who are making sure that everyday folk can realize their dreams.

For example, under this Administration, we’ve invested millions of dollars into housing counseling services so people can get trustworthy advice when they’re buying their first home. It’s hard enough, and sometimes you need somebody to help you with that really complex path.

Last year, as interest rates went up, Vice President Harris announced a historic cut in HUD’s mortgage fees, a change that has helped more than 680,000 people across this country save almost $1,000 in the first year of their mortgage. And that’s over $600 million, just in the first year alone.

And look, we know that more people need help. We know that people are seeing that costs are too high for people to rent or purchase a home.

But that is why President Biden and Vice President Harris have a plan to bring down costs by not just building more housing to rent and to purchase, but a plan to help people pay their rent, a plan to help more first-time homeowners and, let me say, first-generation homeowners – when your people weren’t able to get a house, you’ll be able to – our President and Vice President have a plan to do that. And to help with downpayment assistance and help existing homeowners with their expanding costs.

Let me say this to you – our Vice President is laser focused on expanding opportunities for families, seniors, veterans, young adults as they’re starting out here in Charlotte and across our country.

From day one, Vice President Harris has centered “people.”

I am proud to call her my Vice President.

And I am proud to stand with the other members of the Biden-Harris Administration as we create more opportunities for you. And your children. And your people.

Thank you for having us here!