Affordable Housing Network Newsletter: October 2023
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Spotlight: Latine Homeownership and the American Dream
The notion of homeownership in the American Dream for Latines may play out differently than for other racial and ethnic groups. For example, whether out of necessity or culture, Latine households are larger and more multigenerational than their non-Latino counterparts. Because of this, many Latinos may seek larger, more costly homes, but also may use multiple sources of income to pay for them.
The Black Wealth Data Center’s Racial Wealth Equity Database datasets detail and reveal variations in homeownership rates, median income, and net worth among Latinos overall, as well as among subsets of Latines. Using this data, this blog explores these differences and where possible, identifies any connections or opportunities for further investigation.
Sign on to Join the Mortgage Access Initiative in Urging the Federal Housing Finance Agency to Make the Mortgage Lending Process Better Serve Borrowers of Color
Woodstock Institute and Neighborhood Housing Services of Chicago (NHS Chicago) co-convened the Mortgage Access Initiative to identify opportunities for policy and regulatory reforms that will make the mortgage lending process better serve borrowers of color. Phase 1 resulted in 3 policy recommendations - the first is to implement an equitable mortgage loan product with loan terms that will alleviate some unique barriers that borrowers of color face. We are writing to FHFA to urge them to direct the government-sponsored enterprises (GSEs - Fannie Mae and Freddie Mac) to offer or agree to purchase on the secondary market this equitable loan product. The deadline to sign-on is Wednesday, October 18th at 5pm CT. Click here to access the sign-on form. Please note, this is an organization sign-on letter and we ask that you have your organization’s support to do so.
Housing Policies: State Landscape
This year, states have introduced over 156,000 bills, with some states passing progressive bills that move the needle forward in the areas of housing, taxation, and financial security. As the year ends, here’s an overview of a few states that are still in legislative session and bills with promise to watch:
Massachusetts is looking to expand the ongoing plight of homelessness and housing inequality with H.2748, the Facilitating Housing For All bill that would establish homelessness prevention and reduction fund. The bill was initially introduced in February of this year and recently received a hearing in the Joint Committee on Revenue.
Rent Control through state preemption is another aspect of housing that has been a priority for a few state legislatures this year. Michigan is looking to support localities with an anti-preemption bill HB 4947 which would allow for cities and counties to establish rent control policies. Anti-preemption laws passed by states help localities to adopt housing policy or tenant protection and address the overall need for stable and affordable housing. which would allow for cities and counties to establish rent control policies. Anti-preemption laws passed by states help localities to adopt housing policy or tenant protection and address the overall need for stable and affordable housing.
Resources and Publications
States at Work: Shining Examples of Progressive Legislation in Key Economic Policy in 2023 | Prosperity Now
This blog from Prosperity Now highlights progressive bills introduced and passed in states in 2023, including housing policies like manufactured housing modernization, downpayment assistance, affordable housing tax credits, rental assistance programs, tenants rights and more.
Housing / Anti-Displacement Tools | Policylink
This series of tools from PolicyLink includes strategies to expand housing opportunity and prevent displacement of low-income communities of color such as increasing affordability, ensuring policies and investments foster healthy neighborhoods and community ownership and protecting tenants.
Disasters and the rental housing community | Brookings
Brookings conducted an overview of the key challenges of renters and natural disasters to answer the question: How can tenants and landlords be better served in programs across the public disaster management system? Recommendations include: universal renter protections, prioritizing low-income renters in disaster programs and requiring state and local governments to enforce tenant protections in exchange for access to federal disaster funding.
Closing the Racial Equity Gap: A Call to Action | Federal Home Loan Bank of San Francisco
In a first for a Federal Home Loan Bank, this package of recommendations form the Federal Home Loan Bank of San Francisco aims to update the housing ecosystem to close the racial homeownership and wealth gaps, including broadening the reach of downpayment assistance, favoring higher density zoning and less-restricted land-use ordinances, and modernizing credit scoring to bring more creditworthy borrowers into the housing finance system.
Events and Opportunities
Save the Date! 2024 Housing Policy Forum, March 18-20, 2024, Washington, DC, National Low-Income Housing Coalition
Save the Date! Prosperity Summit 2024, September 4-6, 2024, Washington, DC, Prosperity Now
