Housing Wire, December 7, 2021, HUD Ends Silence on Targeted Lending Programs
The Department of Housing and Urban Development (HUD) on Tuesday resolved uncertainty around special purpose credit programs, 45 years after Congress allowed lenders to tailor products to groups that have historically been excluded from homeownership.
“This was low-hanging fruit,” said Brad Blower, general counsel of the National Community Reinvestment Coalition. “It’s already allowable under the law. Regulators are comfortable with it. It doesn’t have to go through regulatory approval or Congress. It was just a logjam of inertia.”