Many financial institutions have been closing in urban communities with nonwhite populations rendering these cities “financial deserts,” according to an NBC report.
Regional bank Cadence signs onto plan to serve lower income communities with provisions for small business lending and local community investments.
Minnesota Rep. Dean Phillips announced bill that requires the FHA cancel premiums after a certain percentage in homebuyers’ loans
A city council member in Washington, D.C., has introduced legislation that would make go-go music the District of Columbia’s “official” music, as community members continue ongoing efforts to protect the gentrifying city’s black culture.
What is wealth? What are the barriers of access to economic security—and how do we overcome them? Ali explores these questions in-depth with Dedrick Asante-Muhammad, chief of Equity and Inclusion at the National Community Reinvestment Coalition.
Since 2000, the District has experienced the most intense gentrification and an outsized amount of resident displacement among American cities, according to recent research—changes that have predominately affected black and low-income residents in a city once dubbed “Chocolate City.”
Affordable housing is becoming increasingly scarce in the United States — something which could prevent many families from buying or renting a place to call their own. The causes of this crisis are multi-faceted and its effects disproportionately impact various groups of people, including low and middle-income (LMI) families and minorities. To address this affordability crisis, a bevy of Democratic senators reintroduced the American Housing and Economic Mobility Act in March.
Discrimination against low- and middle-income (LMI) home buyers – something which disproportionally affects minority communities — has long been a problem in the United States. While the CRA has done a great deal to improve access to credit and make homeownership a reality for more people, there is significant room for improvement to the decades-old legislation.
Historically, white people easily got mortgages to live in America’s nicest areas, while aspiring racial/ethnic home buyers from the inner-city were refused loans from banks and federal programs. That is what is called “redlining.”
Cleveland’s largest hometown bank may be setting the new standard for community investments among the country’s large financial institutions. It was also the largest promise made by a bank as a percentage of its collective asset base, according to the nonprofit National Community Reinvestment Coalition.