MBA Endorses Plan to Significantly Increase Black Homeownership by 2030
(MBA President & CEO Robert Broeksmit, CMB, addresses June 18 Black Homeownership Collaborative event in Cleveland.)
The Mortgage Bankers Association endorsed an announcement by the Black Homeownership Collaborative to close the Black homeownership gap through its 7-point plan – a solutions-based initiative to increase Black homeownership by 3 million net new households by 2030.
“Promoting safe and sustainable homeownership and closing the homeownership gap that exists within minority communities is my top priority as MBA’s 2021 Chair,” said Susan Stewart, 2021 MBA Chair and CEO of SWBC Mortgage Corp.. “The mortgage industry has an opportunity and a responsibility to open the door for those ready and able to buy a home.”
The announcement of the 7-point plan took place at a BHC-hosted event June 18 in Cleveland. Speakers at the event included HUD Secretary Marcia Fudge, Sen. Sherrod Brown, D-Ohio, Rep. Tim Ryan, D-Ohio, Cleveland State University President Harlan Sands, MBA President and CEO Bob Broeksmit, CMB, and other housing industry leaders.
The BHC, co-chaired by MBA Senior Vice President of Affordable Housing Initiatives Steve O’Connor, comprises more than 100 organizations committed to addressing affordable housing challenges facing Black communities. The 7-point plan consists of the following components: homeownership counseling; down payment assistance; housing production; credit and lending; civil and consumer rights;, homeownership sustainability; and marketing and outreach.
According to Urban Institute, the Black homeownership rate in the U.S. currently stands at 42.3%. The national homeownership rate is 64.1%, while the rate for whites stands at 72.2%. Left unaddressed, the Black homeownership rate will fall even further by 2040, the Urban Institute projects.
“MBA continues to consult and partner with housing experts, consumer groups, nonprofits and civil rights organizations to identify and remove barriers to homeownership for minority households,” O’Connor said. “I am proud to co-chair the Black Homeownership Collaborative and believe our thoughtful, results-driven plan will increase Black homeownership and help to close the racial wealth gap.”
MBA recently established its Minority Homeownership Joint Task Force to provide industry leadership and direction for reducing the racial homeownership gap and promoting sustainable homeownership policies for communities of color. In addition to creating the task force, MBA has created two advisory councils on affordable homeownership and affordable rental housing. Both councils unite voices from across the industry to foster progress on housing and rental fronts.
In addition to MBA, the Black Homeownership Collaborative is led by a steering committee of executives from the NAACP, National Association of Realtors, National Association of Real Estate Brokers, National Fair Housing Alliance, National Housing Conference, National Urban League and the Urban Institute.
For more information on MBA’s affordable housing initiatives, click here.
To learn more about the 7-point plan, click here.
The May 18 BHC event can be viewed online here.
