Today, Senator Elizabeth Warren (D-Mass.) and Representative Cedric Richmond (D-La.) announced the introduction of a House version of the American Housing and Economic Mobility Act (S. 3503), a bill Sen. Warren introduced earlier this year in the Senate to address discriminatory lending, affordable homeownership, modernization of the Community Reinvestment Act and relief for families still recovering from the Great Recession.
Jesse Van Tol, CEO of the National Community Reinvestment Coalition, made the following statement:
“This bill tackles the increasing rent burden and barriers to homeownership faced by millions of Americans. It represents a bold vision for one of the most elusive problems of 21st century America: the lack of financial opportunity for too many people.
“We know from my organization’s research that neighborhoods redlined almost a century ago still struggle economically. This bill would directly address that decades-old injustice. It would launch a new program for first-time homebuyers in those neighborhoods. A step like this is long overdue.
“This bill also calls for prudent updates to the Community Reinvestment Act, so that the law remains focused on the well-being of communities.
“Many neighborhoods were suffering before the Great Recession, and a decade later some are worse off today. We cannot solve America’s affordable housing crisis without the entire financial services industry exercising leadership and a commitment to building more economic opportunity for more people. This bill is an important step in the right direction.”