National Mortgage News, June 1, 2021, Judging the past year’s success of racial equality housing initiatives
Black homeownership programs don’t go beyond lip service without actionable and measurable objectives, Dedrick Asante-Muhammad, the National Community Reinvestment Coalition’s chief of membership, policy and equity, explained in an interview.
In the wake of George Floyd’s murder, companies and corporations released statements and launched initiatives focused on the country’s need for racial justice and equality. For the mortgage industry, it meant promising better representation, more Black executives and bridging the historically stagnant homeownership gap.
While building an increased knowledge base of financial literacy can be powerful, it’s hard to quantify success in that regard. National Community Reinvestment Coalition’s Asante-Muhammad argues that education programs have been around for decades and haven’t moved the needle. Mortgage products designed specifically for the median-income Black household would do more to grow the number of Black homeowners, he said.