Following reports that Black Americans owned homes in 2017 than in 1983, banker Teri Williams offers recommendations to diversify homeownership across the United States.
The gap in homeownership between black and white Americans is greater than it was in 1983, according to the "State of the Nation's Housing 2018" report from the Joint Center for the Study of Housing of Harvard University; just 43 percent of Black Americans owned homes in 2017, compared with 72 percent of whites. Teri Williams, a leader in the #BankBlack movement, lays out five strategies to combat the effects of the nation's racial wealth gap, shortage of affordable housing, and historically racist housing and banking policy.
One notable suggestion is beefing up first-time homebuyer programs, not only by increasing funding, but also by offering up municipal property. Rather than auctioning property acquired through foreclosures to investors, "a better alternative to diversify neighborhoods, offset gentrification and support community values would be to deed these properties to Black residents, organizations that offer first-time homebuyer programs or local private developers that partner with these organizations," Williams writes. Another recommendation is awarding Community Reinvestment Act (CRA) credits to banks for every loan provided to a Black first-time homebuyer.
Read the full story: Five Steps Toward Ending the Black Homeownership Crisis in the US
4 Reasons Home Ownership Won't Close the Racial Wealth Gap
Homeownership is often promoted as a way for low-income and minority families to build wealth. But it is those very families who assume the most risk in buying a house.
Making Homeownership Work Better
Programs that help households of color buy homes haven't made much of a dent in the racial wealth gap. But some strategies could generate better outcomes for buyers.
Increased Homeownership Won’t Close the Racial Wealth Gap
Despite the hopes pinned on it, homeownership is still too affected by institutionalized racism at every turn to be an equalizer.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
California plans to bury El Niño’s downpour
If the state plays its cards right, it may be able to store a billion acre-feet of El Niño’s water in aquifers.
Chicago breaks ground on $3 billion megadevelopment
The new neighborhood, titled Foundry Park, will one day host 3,700 residences.
Satanic Place Names
From streams and lakes to valleys and canyons, I mapped more than 1,000 places named after the Devil.
California High-Speed Rail Authority CEO resigns after $600,000 scandal
Under Ian Choudri, the authority used taxpayer dollars to fund first class flights and trips to nightclubs.
Want to study the Missouri River? Soon, you may need unanimous approval from 10 states
Legislation would require 10 governors’ permission to study or build projects moving water outside the basin.
FREE Course: Walkable City 1: Why Walkability?
After describing his path towards focusing on walkability as the essence of good planning, Jeff Speck marches through his five principal reasons for making more walkable places.
Reinventing Malls: Planning Alchemy—Turning Gray Fields Into Gold
The course focuses on the opportunities and imperatives that shape reinvention of mall sites.
City of Rosemead
Rutgers University, Edward J. Bloustein School of Planning and Public Policy
One Hundred Miles
Hunter College, City University of New York (CUNY)
The Architects Foundation
University of Cincinnati Online
City of Cambridge
Montrose County
The Pocatello Development Authority