HousingWire, March 29, 2022, Inside the government’s feeble fight to end redlining
Few community groups have the firepower of NCRC, which brought in nearly $40 million in revenue in 2020, in part from renting out two office buildings in downtown Washington, D.C..
But NCRC acknowledges it can only make a limited mark on combating lending discrimination. One challenge: The terms of the community benefit agreements obtained from banks are frequently not public.
“What we’ve always argued is that these community benefits agreements should be bigger than they are, but we are constrained by the regulatory landscape,” said Jesse Van Tol, CEO of NCRC. “Look, what the bank regulators have done has been bullshit, but I wouldn’t want them to take over and say, ‘We know what the community needs are.’”