Mortgage

Equality plan launched to welcome three million new black householders by 2030

After a year and a half in development, the Black Homeownership Collaborative launched its initiative to bring racial justice to home buying and offered a roadmap that was lacking in previous efforts.

While the lack of measurable action that some gender promises have made has led to performative activism rather than progress, the BHC has set itself a clear goal. Its "3by30" program will aim to generate net income of 3 million new black homeowners by 2030 through a seven-point plan.

The group identified home ownership advice, down payment assistance, housing production, credit and lending, civil and consumer rights, sustainability of home ownership, and marketing and public relations as the seven steps of the initiative. BHC has already called for the restoration of all doctrines and statutes dealing with systemic discriminatory measures, more funding for housing advisory services and a targeted down payment support program.

Composed of over 100 fair housing advocates and civil rights advocates – including its steering committee consisting of the National Housing Conference, National Urban League, Mortgage Bankers Association, National Fair Housing Alliance, Urban Institute, NAACP, National Association of Realtors and the National Association of Real Estate Agents – the coalition aptly announced its announcement the day before the first national holiday of June 10th.

"Expanding sustainable home ownership opportunities for black Americans by removing various systemic barriers, increasing housing advice and eliminating biased real estate practices are the elements of an attainable wealth creation strategy," said Lydia Pope, President-elect of NAREB, in a press release.

According to the US Census Bureau, the black community had the lowest home ownership rate by race at just 41.9% at the end of 2020. However, the Urban Institute forecast that this rate will drop to 41.1% by 2030 and 40.6% by 2040.

David Dworkin, President and CEO of NHC – and Executive Secretary and Marketing Co-Chair of BHC – told National Mortgage News about the top-level details of the 3by30 initiative, describing the fight for racial equality as a marathon not just training for must be completed but is considered successful

The MBA came out and also formally endorsed the plan in a press release. The Association's Affordable Housing SVP, Steve O'Connor, co-chairs the BHC Steering Committee.

"Promoting safe and sustainable home ownership and closing the home ownership gap that exists in minority communities is my top priority," said Susan Stewart, 2021 MBA Chair and CEO of SWBC Mortgage Corporation. "The mortgage industry has the ability and responsibility to open the door to those who are willing and able to buy a home."

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