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As June National Homeownership comes to a close. I wanted to talk about why this month is so special.
Homeownership is undeniably a cornerstone of the American dream. With it brings a level of economic security and an opportunity for families to build generational wealth.
Unfortunately, as housing grows increasingly expensive, owning a home is further out of reach than ever before. This is especially true for younger homebuyers, people of color, and low-wealth individuals.
The gap between Black and White homeownership rates have reached a 120-year high.
The Latinx homeownership rate also significantly lags behind the White homeownership rate.
Our nation’s widening racial wealth and homeownership gaps are byproducts of systemic racism, including the legacies of slavery, Jim Crow segregation, redlining, and other policies that targeted Black people and other communities of color. Not to mention, our nation’s economic crises, such as during the current pandemic, disproportionately hurt these groups who often do not get an equal share in economic recovery.
As Chairwoman of the Financial Services Committee, my Committee has been working hard to redress these disparities and expand access to the dream of homeownership.
Here’s what we’ve done:
• This month, under my leadership, my committee introduced a transformative racial and economic justice package entitled, the "Financial Services Racial Equity, Inclusion, and Economic Justice Act.” This package, among many other things, aims to close the racial-wealth gap and eliminate barriers to housing and homeownership.
• The Housing Title of the “Build Back Better Act,” which my Committee led and the House passed last year, includes over $150 billion in fair and affordable housing investments that will increase and preserve the supply of more than one million homes across the country. These investments will help decrease housing costs and lower worsening inflation.
• We’ve also pushed forward my bill, the “Fair Appraisal and Inequity Reform Act of 2022,” which will reform the appraisal industry to eliminate appraisal discrimination and make home valuations fairer for everyone.
• In addition, my “Downpayment Toward Equity Act,” which my Committee just passed last week, would provide $100 billion in downpayment assistance to help first-generation homebuyers purchase their first home. These funds could also be used to cover closing costs and buy down the interest rate on a mortgage.
• And last but not least, as the pandemic led to economic instability across our communities, Congress passed forbearance relief and foreclosure protections in the CARES Act to keep homeowners stably housed during the pandemic. We also passed a $10 billion Homeowner Assistance Fund in the American Rescue Plan Act to help struggling homeowners keep up with their mortgage payments and housing costs.
There is so much work to be done until everyone has equal access to homeownership in America. Democrats will not rest until that work is done and that dream becomes a reality for all.
See the tweet thread here: / 1542629497836544001
28 окт 2024
