2024 Just Economy: Detroit

NCRC ([link removed] )

Just News

for July 19, 2024

News and views from the National Community Reinvestment Coalition. Find more at ncrc.org ([link removed] ) .

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Announcements

NCRC, CDAD And Detroit Reinvestment Coalition Announce Just Economy: Detroit

By NCRC

The Detroit Reinvestment Coalition, Community Development Advocates of Detroit (CDAD) and the National Community Reinvestment Coalition (NCRC) will host Just Economy: Detroit September 24 in Detroit, Michigan. [Read more ([link removed] ) ]

News

NCRC Statement On Capital One’s Promises To Marginalized Communities

By NCRC

"Unfortunately, it is impossible to put any stock in promises Capital One makes. They’ve pulled this stunt with banking regulators before, promising in 2012 to make $28.5 billion in home loans over ten years to low- and moderate-income borrowers then bailing on mortgage loans entirely five years later having made less than half that total. That’s why NCRC hasn’t negotiated with Capital One: We know them to be cynical, manipulative and dishonest." [Read more ([link removed] ) ]

NCRC Statement On Supreme Court Ruling In Chevron Deference Case

By NCRC

The Supreme Court on Thursday ended a longstanding judicial norm known as “Chevron deference” which generally required judges to respect the expertise of regulators in interpreting Congress’s instructions in legislation. [Read more ([link removed] ) ]

In The News

Capital One Offers $265 Billion Benefit Plan To Appease Regulators For Its Planned Purchase Of Discover

By Ken Sweet, Associated Press

“The reason Capital One isn’t making any mortgage commitments here has some dark irony: They quit mortgage seven years ago, breaking promises they made the last time they bluffed regulators to get a merger through,” said Jesse Van Tol, CEO of the National Community Reinvestment Coalition, a group that often works with banks to develop these community lending programs. NCRC did not work with Capital One on this plan, but has worked with other banks on mergers of similar size and scope. [Read more ([link removed] ) ]

Banks Keep Breaking Their Promise To Serve The Public Good

By Kevin Stein, Other Words

Banks play an outsized role in our communities, for good and bad.

They can provide much-needed capital to small businesses looking to hire more workers, loans to first-time homebuyers dreaming of building wealth for their families, and protection to consumers seeking a safe haven from high-cost check cashers and payday lenders. [Read more ([link removed] ) ]

Views

Health Equity Research Spotlight: Challenges And Solutions For Connecting Community Development And Public Health Institutions

By Justin Sackey

Community development and public health are often viewed as parallel efforts – twin silos of separate work which just happen to have some goals in common. But they are in fact profoundly interconnected, and new evidence suggests that practitioners and funders in both fields could benefit from building tighter organizational relationships that give community-based organizations more agency in their interactions with the public health sector. [Read more ([link removed] ) ]

Housing, Household Budgets And Hiring Hiccups: July 2024 Race, Jobs And The Economy Update

By Joseph Dean

The combination of housing unaffordability, inflation and a historically-strong-but-softening job market help explain the general economic pessimism weighing heavily on households. [Read more ([link removed] ) ]

Reports

Decades of Disinvestment: Historic Redlining and Mortgage

Lending Since 1981

Fifty-five years after Congress outlawed using discriminatory maps to guide mortgage lending, race-based exclusion from homeownership is still a de facto reality. Lenders continue to reinforce patterns of structural racism in formerly redlined neighborhoods, regardless of local market dynamics. [Read more ([link removed] ) ]

Events

NCRC CDF Offers Free Corporate Transparency Act Legal Clinic for Small Businesses

July 25, 5-7 pm EDT

Join us for an informational webinar on NCRC’s Field Empowerment Fund, where you will learn more about the application process to receive a catalytic injection of grant funding that bridges your organization’s financial delta to level up an established service line. [Register here ([link removed] ) ]

Home-Purchase Deep Dive Training For Housing Counselors

July 30, 2-3:30pm EDT

Join NCRC’s National Training Academy (NTA) for the: Home purchase Deep Dive Training for Housing. a comprehensive 90-minute online course designed specifically for housing counselors. This course equips counselors with a thorough understanding of the home purchase process, enabling them to better assist their clients in navigating the complexities of buying a home. [Register here ([link removed] ) ]

On Our Radar

Biden Proposes Nationwide Cap On Rent Hikes To Lower Housing Costs. Experts Say It’s Counterproductive.

By Aarthi Swaminathan, MarketWatch

President Joe Biden has proposed capping rent increases nationwide to 5% in an attempt to rein in surging housing costs, but housing experts are calling the move counterproductive. Biden’s proposed policy would restrict how much landlords can increase tenants’ rents, the White House said on Tuesday. If landlords hike tenants’ rents by more than 5%, they would not be able to take advantage of tax breaks related to faster depreciation write-offs, according to the policy. [Read more ([link removed] ) ]

US Housing Starts Increase On Pickup In Multifamily Construction

By Micheal Sasso, Bloomberg

New US home construction picked up in June, though a decline in single-family housing starts to an eight-month low underscored a real estate market challenged by high interest rates. Total housing starts increased 3% to a 1.35 million annualized rate last month, driven by a 19.6% surge in multifamily construction, according to government data released Wednesday. Starts of one-family homes fell for a fourth straight month. [Read more ([link removed] ) ]

Resources

Work And Meet At The Just Economy Club

It's a DC hub for nonprofits and the social sector, around the corner from the White House. Move your team into a private office or host your meetings and events or hang out in the lounge. [Read more ([link removed] ) ]

Learning & Training Hub

Register for NCRC's catalog of professional development courses for community development leaders. [Learn ([link removed] ) more ([link removed] ) ]

Research And Reports

We have an extensive library of research and reports that dates back many years! [View all ([link removed] ) ]

Racial Wealth Snapshots

Browse our catalog of socioeconomic briefs. [View all ([link removed] ) ]

Sign And Share The Just Economy Pledge

America should not only promise but deliver to all Americans opportunities to build wealth and live well. Sign and share the pledge to help us expand the movement for a Just Economy. [Sign and Share ([link removed] ) ]

Member Hub

NCRC members: Don't forget you have access to our member hub ([link removed] ) ! Learn more about membership here ([link removed] ) . You can join as an organization or an individual ([link removed] ) .

Fair Lending Tool

Use our interactive tool to produce a report on mortgages, small business lending and bank branch networks for any city, county or metro area in the nation. [Access the tool here ([link removed] ) ]

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