In response to the Fair Lending, Fair Housing, and Equitable Housing Finance Plans Final Rule announced today by the Federal Housing Finance Agency (FHFA), NCRC President & CEO Jesse Van Tol made the following statement:
“We’re deep into an affordable housing crisis that has made homeownership all but impossible for too many Americans, and rent too expensive. The near-term crisis, driven by high interest rates and a housing supply shortage, has also made even more difficult the long-term challenge of closing the racial divide in homeownership rates. That simply must be solved if we’re ever going to close the nation’s enduring racial wealth divide. This new rule combines an encouraging set of requirements and objectives to better meet the housing credit needs of underserved communities, including special purpose credit programs that provide down payment assistance and improved pricing. The requirement for lenders to collect and report data on the provision of homeownership education and housing counseling should provide a clearer picture of the extent and impact of those efforts, and where they fall short. FHFA’s fair lending oversight of the Enterprises and the Federal Home Loan Banks as well as the inclusion of UDAP requirements could be important if they trigger stronger enforcement of unfair or deceptive credit practices by lenders.”
