Shelterforce: The Foreclosure Crisis Waiting for Us in January

Shelterforce, December 16, The Foreclosure Crisis Waiting for Us in January

Although homeowners have so far accessed financial relief from the pandemic much more easily than renters, housing counselors are bracing for a foreclosure crisis as forbearance terms start to end.

When foreclosures are set in motion next year, there’s no doubt that they will hit vulnerable populations like the elderly and Black and Brown homeowners harder. The crisis will also have a real impact on small landlords, according to Ibijoke Akinbowale, director of the Housing Counseling Network at the National Community Reinvestment Coalition, who says that the pathway for recovery for small landlords and renters is not as clear.

“Right now, we’re in a rental crisis, and that rental crisis has a significant impact on homeownership,” explains Akinbowale. “You’ve got small landlords who represent a significant portion of the affordable housing stock that we have in this country, [and] they sit in the same boat as renters [in] not having national solutions that cover them.”

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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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