The New York Times: bank Of America Tests No-Down-Payment Mortgages In Black And Hispanic Neighborhoods

The New York Times, September 2, 2022, Bank Of America Tests No-Down-Payment Mortgages In Black And Hispanic Neighborhoods

According to the National Association of Realtors, a trade association for real estate professionals, the pandemic exacerbated the racial homeownership gap, with rising housing prices and low supply affecting Black households more than any other racial group. In a report published in January, the National Community Reinvestment Coalition, a fair-lending advocacy group, found that the private mortgage market was providing loans in only 13.7 percent of low- and moderate-income neighborhoods, even though they represented 30 percent of neighborhoods.

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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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