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Spotlight
Inclusionary Zoning Increases Affordable Housing for Communities of Color to Build Wealth
In efforts to reverse zoning laws that have historically excluded low-income families and households of color from White neighborhoods, local and state policymakers have pioneered inclusionary zoning programs since 1973 with varying levels of success. Inclusionary zoning (IZ) is a policy that incentivizes developers to allot a fraction of new housing units to low- and moderate-income (LMI) families. These programs can potentially increase homeownership among families of color in neighborhoods from which they have historically been excluded. A report from Prosperity Now provides context and guidance for elected officials, policymakers, and advocates to help implement or improve IZ policies in their jurisdictions. Specifically, this paper:
- Discusses the origins of the racial wealth gap in the US, specifically in the context of housing and zoning policies and practices,
- Describes the current state of racial economic inequality and the current policy landscape of zoning,
- Advocates for the adoption of IZ programs in cities and states nationally, and
- Uplifts several innovative solutions to produce the most effective IZ programs.
From the Field
Out of Reach: The High Cost of Housing | National Low Income Housing Coalition
Developed by the National Low Income Housing Coalition, Out of Reach documents the inequitable gap between renters' take-home pay and the national average rental cost. Now available in Spanish.
Homing In: What Types of Municipalities Are Adding Residential Units, And Which Are Mounting Barriers to Housing? | Urban Institute
This report from Urban Institute finds that municipalities with lower home values and lower incomes had less housing growth over the past two decades.
Upcoming Events
Building Up Black-Led CDFIs: A Roundtable Discussion on Community-Led Banking | Prosperity Now | November 3, 7 & 9, 2022
The Roundtable will discuss the impact that funding, collaboration and advocacy can have on closing the racial wealth divide by investing in CDFIs. Members of the Affordable Housing Network will be interested in the November 7 roundtable within this series, Rallying your Community: Shaping Policy through Advocacy, which will cover policies that impact BIPOC communities, including housing policy.
In the News
Latino homebuyers hit especially hard with housing’s ‘affordability crisis’ | Yahoo! Finance
As mortgage rates rise and home prices remain high, homebuyers are increasingly pushed out of the housing market. Latino buyers are among those especially hit hard.
Fannie Mae Launches Platform Allowing Renters to Build Credit Score Through Their Payments | Essence
Fannie Mae has partnered with Rent Dynamics to launch RentPlus, which aims to help renters build credit by working with owners and managers to report on-time rental payments to the three major credit reporting bureaus. This program has the potential to dramatically assist marginalized groups in raising their credit scores and increasing their eligibility for home loans.
Centering Racial Justice in the Fight for Housing Justice | Stanford Social Innovation Review
How Funders for Housing and Opportunity (FHO) empowers communities, expands access to housing in BIPOC neighborhoods, and changes policies, narratives, and systems that perpetuate racial injustice.
