THE IMPORTANCE OF BLACK HOMEOWNERSHIP
WHEREAS, black homeownership in America was at its peak in the late sixties, early 70s with the passage of the Fair Housing Act in 1968;
WHEREAS, in the past 15 years, black homeownership dropped significantly with less than 41 percent of black Americans are homeowners compared to 73 percent for white Americans;
WHEREAS, the biggest drop in black homeownership occurred in 2001, where there was a five percent drop, the most dramatic drop of any racial or ethnic group compared to a one percent drop for white families and increases in Hispanics, Asian Americans and Pacific Islanders;
WHERAS, many cities with a significant black population have a black homeownership rate that is significantly below the white homeownership rate;
WHEREAS, 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, increase their exposure to displacement, and delay and/or close off a key wealth building mechanism, which will only widen the inequality that underlies this struggle; and
WHEREAS, the importance of black homeownership is more than just owning a home, it 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 (NBCSL) will work with its partners in government, private sector, and non-profits to address the decline in black homeownership by addressing those factors that contributed to the decline, including, but not limited to addressing and/or reducing debt load in the black communities, such as student loans, the lack of access to capital for a down payment, housing and mortgage discrimination, increasing housing stock by utilizing property owned by government and the underrepresentation of black Americans in high paying jobs;
BE IT FURTHER RESOLVED, that NBCSL urges federal and state governments to develop programs or pass legislation to address and/or reduce debt load in the black communities, such as student loans, the lack of access to capital for a down payment, housing and mortgage discrimination, increasing housing stock by utilizing property owned by government and the underrepresentation of black Americans in high paying jobs;
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: HCD-23-02
- Sponsored by: Sen. James Sanders, Jr. (NY)
- Policy Committee: Housing and Community Development (HCD)
ENDING BIAS IN HOME VALUATION THROUGH THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT’S INTERAGENCY TASK FORCE ON PROPERTY APPRAISAL AND VALUATION EQUITY (PAVE) INITIATIVE
WHEREAS, the United States Department of Housing and Urban Development (HUD), including the Federal Housing Administration (FHA), continues to focus on its longstanding commitment and central role in providing accessible, affordable, and equitable homeownership opportunities to Americans nationwide;
WHEREAS, under the leadership of Secretary Marcia L. Fudge, HUD is committed to addressing critical housing supply and affordability challenges, while working to advance affordable homeownership opportunities that ultimately serve as a means to unlock generational wealth-building potential;
WHEREAS, a late 2021 study concluded that homes in predominantly Black neighborhoods are undervalued by as much as $48,000 per year, accumulating to an estimated total of $156 billion for the situated homeowners in those areas;
WHEREAS, in its effort to advance equity for people who have been historically underserved, marginalized, and adversely affected by persistent poverty and inequality, HUD expects all parties engaged in FHA’s mortgage insurance programs to eliminate all considerations of race, color, national origin, religion, sex, familial status, or disability from the appraisal process;
WHEREAS, Secretary Fudge credits the formation of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) with being a significant and important initiative by HUD to root out discrimination and bring about systemic change in the appraisal of properties that will serve as security for FHA-insured mortgages;
WHEREAS, PAVE is a first-of-its-kind interagency task force dedicated to ending bias in home valuation; the task force includes thirteen federal agencies and offices and is chaired by HUD Secretary Marcia Fudge and Domestic Policy Advisor Ambassador Susan Rice;
WHEREAS, for Black homeowners who may be looking to access their home equity and are looking for recourse, Secretary Fudge pointed to recent actions by regulatory and law enforcement agencies, including the Department of Justice and the Consumer Financial Protection Bureau, to identify and offer resources to those affected by discrimination bias; and
WHEREAS, the PAVE initiative presents opportunities to advance affordable and equitable homeownership opportunities to all Americans.
THEREFORE, BE IT RESOLVED, that the National Black Caucus of State Legislators recognize U.S. Department of Housing and Urban Development Secretary Marcia L. Fudge for her leadership in advancing the goals of the PAVE initiative, commend her tireless commitment to ending discrimination in home valuation, and wish her every success in her future endeavors; 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 and agencies as appropriate.
- Resolution ID: HCD-23-33
- Sponsored by: Sen. Raumesh Akbari (TN)
- Policy Committee: Housing and Community Development (HCD)