PhillyVoice, A look inside the Philadelphia real estate market and steps that can be taken for the future of affordable housing
A recent report from the National Community Reinvestment Coalition underscores how racial disparities in mortgage lending have persisted during the COVID-19 pandemic, making it harder for people of color to access conventional loans in low- to moderate-income neighborhoods where they may be able and interested in buying houses.
“We find, more and more, that redlining and segregation that existed throughout the late 19th century and into the 20th century has shaped a lot of these communities in ways that are still being perpetuated today,” said Jason Richardson, NCRC’s director of research.
“The loss of wealth that would have been gained by Black and minority households prior to that housing crisis has only been exacerbated,” said Josh Devine, NCRC’s director of racial economic equity. “These groups were disproportionately affected by foreclosure, which has a generational impact. In many cases, this continues to be challenging in terms of finding affordable mortgage credit programs to support these families who are looking for opportunities to buy a home.”
