Policy Resolution BED-26-14

WHEREAS, the National Black Caucus of State Legislators has a long history of supporting home ownership and generational wealth creation due to persistent barriers for the Black community, including the passage of HCD-23-02, THE IMPORTANCE OF BLACK HOMEOWNERSHIP;

WHEREAS, Black homeownership in America peaked in the late 1960s early and 1970s with the passage of the Fair Housing Act in 1968;

WHEREAS, in 2023, the Black homeownership rate in the United States experienced the greatest year-over-year increase among racial groups, but still significantly lagged behind the White homeownership rate, according to the National Association of REALTORS;

WHEREAS, the Black homeownership rate (44.7%+0.6 %) had the greatest yearly increase among all races in 2023, though Black homeownership remains significantly lower than White (72.4%;), Asian (63.4%;) and Hispanic (51.0%) homeownership rates, according to the National Association of REALTORS;

WHERAS, none of the cities with the largest Black populations have a Black homeownership rate close to that of White residents;

WHEREAS, A 2021 study by the UNC School of Law found Black applicants had a 33% denial rate for mortgages, which was significantly higher than the 17.8% rate for White applicants;

WHEREAS, unless and until the setback to Black homeownership is addressed, Black families will rent for more years before owning a home, which will lead to shrinking housing choices for Black families, increasing their exposure to displacement and delay and/or closing off a key wealth-building mechanism, thereby widening inequality; and

WHEREAS, the importance of Black homeownership is more than just owning a home, it is about laying a foundation for building generational wealth for Black families and financial security.

THEREFORE BE IT RESOLVED, that the National Black Caucus of State Legislators will work with its partners in government, the private sector, and non-profits to expand Black homeownership by addressing those factors that have contribute to low rates of Black homeownership, through methods that have included:

• providing down payment and closing cost assistance programs targeted to first-generation homebuyers and descendants of those affected by historical discriminatory practices;
• expanding affordable housing programs, including co-ops;
• enforcing banking and fair housing laws to prevent discrimination;
• implementing policies that address the burden of student loan debt through loan forgiveness programs so that more individuals can qualify for a mortgage; and

BE IT FINALLY RESOLVED, that a copy of this resolution be transmitted to the President of the United States, the Vice President of the United States, members of the United States House of Representatives and the United States Senate, and other federal and state government officials as appropriate.

• Resolution ID: BED-26-14
• Sponsored by: Rep. Dontavius L. Jarrells (OH)
• Policy Committee: Business and Economic Development Policy Committee