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** Just News
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for November 12, 2021
News and views from the National Community Reinvestment Coalition. Find more at ncrc.org. For continuous updates, follow us on Twitter ([link removed]) , Facebook ([link removed]) and Instagram ([link removed]) .
** News
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NCRC Calls on Congress to Confirm Professor Saule Omarova As Next Comptroller of the Currency
“Professor Omarova believes that financial institutions should be held accountable to serve the needs of the public, and she has a steadfast commitment to protecting our economy from reckless risk-taking,” said Jesse Van Tol, President and CEO of NCRC. “She will be a strong advocate for the public interest.” [Read more ([link removed]) ]
GROWTH by NCRC and Riddle Property Group, LLC Plan New Construction Townhomes in Vine City
Riddle Property Group, LLC, in partnership with The NCRC Housing Rehab Fund, LLC (NCRC HRF), known as GROWTH by NCRC, signed a development agreement to build affordable new townhomes in Atlanta’s historic Vine City neighborhood. [Read more ([link removed]) ]
** Views
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It’s Time for Policymakers and Mortgage Lenders to Promote Special Purpose Credit Programs to Help Close the Racial Wealth Gap
By Brad Blower
Although Biden's Build Back Better Act will provide federal assistance for first-generation homeowners, these federal funds are only one of many steps needed to close the racial wealth gap. One of the most important next steps is for policymakers to encourage mortgage lenders to embrace the use of special purpose credit programs (SPCPs). [Read more ([link removed]) ]
Why We’re Logging Out of Facebook This Week
By Andrew Nachison
On November 10, we logged out out of both Facebook and Instagram and will stay out of those platforms till November 13 to support a nationwide campaign designed to address some deep problems with Facebook. This is a short-term and modest action to send a message and urge solutions to some, but not all, of the problems within the organization. [Read more ([link removed]) ]
** Field Notes
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NCRC Member Profile: SAGE
By Sydney Kopp-Richardson
SAGE is a national leader in addressing issues related to lesbian, gay, bisexual and transgender (LGBTQ+) aging. In partnership with its constituents and allies, SAGE works to achieve a high quality of life for LGBTQ+ older people, supports and advocates for their rights, fosters a greater understanding of aging in all communities, and promotes positive images of LGBTQ+ life in later years. [Read more ([link removed]) ]
** Policy
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NCRC Comment on FHFA Equitable Housing Finance Plans
The importance of homeownership for people of color, communities of color and LMI communities cannot be understated. Home equity accounts for 69% of American family wealth. [Read more ([link removed]) ]
NCRC Comment Letter on FHFA Affordable Housing Goals
The FHFA should more consistently push the GSEs to improve their performance in underserved markets in the single family and multifamily goal setting for the years 2022-2024. [Read more ([link removed]) ]
** Research
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Making CRA Relevant For A Changing Financial Services Industry
By Bruce Mitchell and Josh Silver
Because nonbanks have significantly increased their market share in key products, the ability of CRA to ensure access to credit and capital in LMI communities will decline if CRA is not expanded to nonbanks. [Read more ([link removed]) ]
** Resources
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New Learning & Training Hub
Our new learning management system is live! It is designed with you in mind, offering a more robust experience for every kind of learner. [Learn ([link removed]) more ([link removed]) ]
A DC Hub for Nonprofits, Events and Work
The new Just Economy Club in DC, housed on the 3rd floor of NCRC’s headquarters at 740 15th St. NW, is designed for social sector nonprofits and events. It’s in the historic Union Trust building at 15th and H Streets, just around the corner from The White House. [Read more ([link removed]) ]
Browse Our Collection of Research and Reports
We have an extensive library of research and reports that dates back many years; now available in one convenient location! [View all ([link removed]) ]
Browse Our Collection of Racial Wealth Snapshots
Over the past two years, NCRC has put together a catalog of Racial Wealth Snapshots. [View all ([link removed]) ]
Sign and Share the Just Economy Pledge
Our economic and social fractures were devastating before COVID, and the pandemic was a painful reminder that inequality isn’t simply about how much stuff you have. It’s about life and death. [Read more ([link removed]) ]
Forum & Hub
NCRC members: Don't forget you have access to our forum ([link removed]) and member hub ([link removed]) ! Learn more about membership here ([link removed]) . You can join as an organization or an individual ([link removed]) .
2021 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])
NCRC COVID-19 Resource Page
We've compiled and are updating an index of COVID-19 resources for communities, small businesses, individuals and organizations that serve them, such as housing counseling agencies. [Read more] ([link removed])
TreasureCRA Page
CRA will be essential for COVID-19 economic recovery in the communities hardest hit by the pandemic. Use the tools on this page to reach your friends and local leaders. [Read more] ([link removed])
** In the News
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SimpleNexus Now Allows LOs to Gather Loan Information in Spanish
By Michael Bates, MorgtangeOrb
According to the National Community Reinvestment Coalition (NCRC) 2019 report on Hispanic Lending, more than 470,000 Hispanic people became homeowners in 2019. In light of this trend, SimpleNexus, a homeownership platform designed for loan officers, borrowers, real estate agents and settlement agents, now allows users to gather initial loan information in Spanish. [Read More ([link removed]) ]
The Paycheck Protection Program Was Fintech’s ‘Moment to Shine.’ That Spotlight Also Revealed the Problems With Those Loans
By Claire Williams, Morning Consult
Marisa Calderon, executive director of the National Community Reinvestment Coalition’s community development fund, said that the “facelessness” of fintech lending could be a bonus for minority borrowers, the structure of the PPP program, where there was very little risk to the lender, might not be a universal example for regulators to watch going forward. [Read More ([link removed]) ]
Racial Disparities in Homeownership Persist Across Philadelphia Area
By TaRhonda Thomas and Maia Rosenfeld, ABC6
Philadelphia was among the top 20 most intensely gentrifying cities from 2013 to 2017, according to a study by the National Community Reinvestment Coalition (NCRC). Twenty of the city's neighborhoods gentrified during this period, the study found. [Read more ([link removed]) ]
** On Our Radar
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Cities With Empty Offices See New Room to Expand Housing
By Janaki Chadha, Politico
After COVID, New York and other cities are weighing whether to convert empty office buildings into affordable housing. [Read more ([link removed]) ]
You Are the Object of a Secret Extraction Operation
By Shoshana Zuboff, The New York Times
Facebook and other leading surveillance capitalist corporations now control information flows and communication infrastructures across the world. [Read more] ([link removed])
Homes Now Typically Sell in a Week, Forcing Buyers to Take Risks
By Nicole Freidman, The Wall Street Journal
American homebuyers are having to pounce faster than ever to clinch a deal, forcing many of them to make snap decisions about what house to purchase and where to live. The pandemic caused a surge in home-buying demand, as households sought more space to work remotely and took advantage of low mortgage interest rates. [Read more ([link removed]) ]
Support our work
Join the Just Economy Club, the network for individuals who support NCRC’s research, publishing, investigations, training, advocacy and programs.
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