FHLBank San Francisco, Urban Institute launch housing equity project (UNFINISHED)

National Mortgage News, October 5, 2021, FHLBank San Francisco, Urban Institute Launch Housing Equity Project

Last month, a group of Democratic Senators, led by Mark Warner of Virginia, introduced the Low-Income First-Time Homebuyers Act, proposing a 20-year government-backed mortgage program that could allow new homeowners to build wealth twice as fast as they would with a traditional 30-year loan.

Separately, Sen. Raphael Warnock, D.-Ga., introduced the upper chamber’s companion bill to the Downpayment Toward Equity Act.

Supporters of the down payment assistance bill — the National Fair Housing Alliance, the National Coalition for Asian Pacific American Community Development, the National Urban League, the National Community Reinvestment Coalition, the Center for Responsible Lending, UnidosUS, and the Leadership Conference on Civil and Human Rights — issued a joint statement on Sept. 30 that not only pointed out the current Black homeownership rate is as low as it was in both 1890 and 1968, but for Latinos, it’s 25 points lower than for whites.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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