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Julian Castro on Budget & Economy

 

 


Too-tight credit market hurts minority home ownership

We finally fulfilled the full obligation of the 1968 Fair Housing Act by putting into practice the Affirmatively Furthering Communities of Color Homeownership must be an affordable option within reach of all credit-qualified Americans, particularly young adults and communities of color who have historically experienced tighter credit markets. While there is no question that credit markets needed to be reformed following the market collapse of the Great Recession, the pendulum has swung too far in the opposite direction. For example: the African American homeownership rate has fallen 6.7 percentage points to 43 percent; the Hispanic homeownership rate has fallen 2.5 percentage points to 45.6 percent; and the white homeownership rate has fallen 4.0 percentage points to 71.9 percent. If we are to reverse this trend in a responsible manner, FHA must continue to be a key source of support for low- and moderate-income and first-time homebuyers.
Source: HUD.gov Cabinet Exit Memo for Obama Cabinet biographies , Jan 5, 2017

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Page last updated: Jun 24, 2019