People of color are more likely to be denied loans, perpetuating historic redlining practices and blocking families from accumulating intergenerational wealth through homeownership.
A report that analyzed the experiences of over 200 clients of the Pennsylvania Housing Finance Agency found that “Black homebuyers still face substantial barriers to homeownership in Pennsylvania.” As Kate Giammarise writes for WESA, the report highlighted some key findings:
- People of color are more likely to be denied loans than white non-Hispanic people.
- People seeking loans for homes in substantially minority areas are more likely to be denied than applicants in white areas.
- Black non-Hispanic and Hispanic people are more likely to experience a denial than white non-Hispanic people of similar qualifications.
The report outlines some recommendations, including “down-payment assistance programs should be expanded but shouldn’t be so cumbersome as to put the people using them at a disadvantage when trying to buy a home, and lenders need better training about communicating with applicants of color.”
The report seeks to address a significant difference in homeownership rates. “Rates of homeownership among whites are roughly 30 percentage points above the Black and Hispanic rates in Pennsylvania, the report noted, contributing to a wide racial wealth gap” that prevents families from building intergenerational wealth through real estate.
FULL STORY: Black homebuyers in Pennsylvania still face many hurdles, report finds
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
Google Maps Introduces New Transit, EV Features
It will now be easier to find electric car charging stations and transit options.
Ohio Lawmakers Propose Incentivizing Housing Production
A proposed bill would take a carrot approach to stimulating housing production through a grant program that would reward cities that implement pro-housing policies.
Chicago Awarded $2M Reconnecting Communities Grant
Community advocates say the city’s plan may not do enough to reverse the negative impacts of a major expressway.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
City of Universal City TX
ULI Northwest Arkansas
Town of Zionsville
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