Affordable Housing Network Newsletter: December 2022
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Bridging Communities is one of the leading housing, elder-care, and family-care organizations in Detroit, Michigan. Through trilingual housing and financial counseling services, community engagement, and partnerships, Bridging Communities strives to provide affordable and stable housing, financial security, and a strong community for those they serve.
Recently, Prosperity Now had the wonderful opportunity to interview former Director of Bridging Communities, Phyllis Edwards, a member of the Affordable Housing Network Steering Committee. Ms. Edwards served as the Director for twelve years until recently transitioning out of that position and becoming a Project Development Consultant. Now, Ms. Edwards is focused on expanding and championing Bridging Communities’ housing services.
Policy Updates
Washington, DC’s Black Homeownership Strike Force
As a part of Mayor Muriel Bowser’s commitment to Black homeownership, Washington, DC established the Black Homeownership Strike Force, which aims to create 20,000 new Black homeowners by 2030. The Strike Force, staffed by the Deputy Mayor’s Office of Planning and Economic Development, was supported by experts at the Urban Institute and Howard University, as well as other experts from government, housing and financial counseling services, and lending and estate development organizations. It was also supported by advocates from faith-based, senior, immigrant, and LGBTQ+ communities to address social and racial inequities. They ultimately produced a 30-page report on increasing Black homeownership in the District.
Resources and Publications
Racial Restrictive Covenants History: Enforcing Neighborhood Segregation in Seattle | The Seattle Civil Rights and Labor History Project
This study from the University of Washington, reveals that use of “racial restrictive covenants” in the mapping of housing led to a persisting racial wealth gap.
Six-Figure Income Now Required to Afford Median Home: Report | National Review
According to the Redfin Corporation, “homebuyers must now earn at least $107,281 to be able to service a typical monthly mortgage payment in 2022. By comparison, Americans only required a $73,668 household income in 2021 to meet a similar threshold.”
Student Loan Debt and Access to Homeownership for Borrowers of Color | Urban Institute
This comprehensive report illustrates how a lack of access to generational wealth for Black Americans is a “root cause” of a higher student debt burden and a significant barrier to homeownership.
Policing Doesn’t End Homelessness. Supportive Housing Does | Urban Institute
By using a study of homelessness, policing, and housing in Denver, Colorado, this Urban Institute report emphasizes why treating homelessness as a criminal issue is not the right approach.
In the News
5 policies that must be changed to make homeownership more equitable | Fast Company
To not repeat the history of the 2008 mortgage crisis, this article highlights five policies that could improve equity in homeownership, especially for those with limited financial resources.
Homeownership is Still a Key Part of the American Dream | The Street
“While the goal of owning a home is still traditional, the path to purchasing one is no longer that.” However, that does not mean Americans should stop trying to achieve the prosperity and security that comes with homeownership.
Why housing discrimination is worse today than it was in the 1960s | KING 5
Fake collection notices, misleading loans, unwarranted foreclosures of Black homes, and unfairly appraised Black homes are just some examples of how housing discrimination has led to expanding racial wealth and housing disparities.
COVID-19’s targeted federal aid led to more Black and Latino homeowners | The Philadelphia Tribune
COVID-19 assistance programs like the CARES Act, increased unemployment assistance and suspended student loan payments led to increases in Black and Latino homeownership.
