The Black Homeownership Collaborative (BHC) recently announced a solutions-based initiative to close the Black homeownership gap through its seven-point plan, endorsed by the Mortgage Bankers Association (MBA). The goal is to increase Black homeownership by 3 million net new households by 2030.
The BHC is co-chaired by MBA Senior Vice President of Affordable Housing Initiatives Steve O’Connor, and is composed of organizations committed to addressing affordable housing challenges Black communities are facing.
The seven-point plan includes: homeownership counseling, down payment assistance, housing production, credit and lending, civil and consumer rights, homeownership sustainability, and marketing and outreach.
What it means:
MBA is doubling down on efforts to improve equality within the lending and real estate space through its recently established Minority Homeownership Joint Task Force and two advisory councils on affordable homeownership and affordable rental housing.
“MBA continues to consult and partner with housing experts, consumer groups, nonprofits and civil rights organizations to identify and remove barriers to homeownership for minority households,” said O’Connor. “I am proud to co-chair the Black Homeownership Collaborative and believe our thoughtful, results-driven plan will increase Black homeownership and help to close the racial wealth gap.”