NCRC Statement on FHFA’s Final Duty to Serve Rule

Today, in reaction to the release of the Federal Housing Finance Agency’s (FHFA) final Duty to Serve rule, NCRC President and CEO John Taylor made the following statement:

“The Duty to Serve framework that the FHFA has outlined is an important complement to the affordable housing goals in reaching the three underserved markets it targets — manufactured housing, rural housing and affordable housing preservation. However, it should be noted that this rule is not a substitute for the affordable housing goals and the important role they play in facilitating access to credit for low- and moderate-income communities and across the entire mortgage market. Strong and measurable numeric targets in the form of the affordable housing goals remain a critical mechanism for the conventional mortgage market to serve low- and moderate income families, whether they are in cities or rural communities.”

“One problematic aspect of this rule is that the FHFA has given the GSEs too much discretion in how they will be examined, and this could result in a wink and nod examination process.”

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NCRC and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business development.

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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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