The Urban Institute’s Housing Finance Policy Center (HFPC) recently published a new research brief: Building Black Homeownership Bridges: A Five-Point Framework for Reducing the Racial Homeownership Gap.
The framework emerged from a discussion convened by HFPC last year among a variety of stakeholders concerned about the persistent and growing racial homeownership and wealth gaps: In the US today, the homeownership rates for Black and Hispanic families are 30 and 25 points lower, respectively, that the rates for white families.
The five point framework that arose from the discussion includes:
(1) Advancing policy solutions at the local level;
(2) Tackling housing supply constraints and affordability;
(3) Promoting an equitable and accessible housing finance system;
(4) Increasing outreach and counseling for renters and mortgage-ready millennials;
(5) Focusing on sustainable homeownership and preservation.
HFPC Vice President Alanna McCargo shared the findings from this brief and offered additional data on the racial homeownership gap at a May 8 hearing before the House Financial Services Committee. Her oral testimony can be viewed here and her submitted testimony here.