The Mortgage Bankers Association is endorsing the Black Homeownership Collaborative's plan to help close the Black homeownership gap by 2030, through a 7-point plan. According to the MBA, this plan would increase Black homeownership by 3 million net new households by the aforementioned year.
“Promoting safe and sustainable homeownership and closing the homeownership gap that exists within minority communities is my top priority as MBA's 2021 Chair,” said Susan Stewart, 2021 MBA chairman, and chief executive officer at SWBC Mortgage Corporation. “The mortgage industry has an opportunity and a responsibility to open the door for those ready and able to buy a home.”
The plan was announced last week at a BHC-hosted event in Cleveland, which featured a number of guest speakers including U.S. Department of Housing and Urban Development secretary Marcia Fudge, Sen. Sherrod Brown (D-OH), Rep. Tim Ryan (D-OH), Cleveland State University President Harlan Sands, MBA president and CEO Bob Broeksmit, CMB and more.
The BHC is co-chaired by MBA senior vice president of Affordable Housing Initiatives Steve O'Connor. It is comprised of organizations that are committed to addressing affordable housing challenges facing Black communities, according to the MBA.
The 7-point plan consists of the following components: homeownership counseling, down payment assistance, housing production, credit and lending, civil and consumer rights, homeownership sustainability, and marketing and outreach.
“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.
Prior to its endorsement of the BHC's plan, the MBA established its Minority Homeownership Joint Task Force to provide industry leadership and direction for reducing the racial homeownership gap and promoting sustainable homeownership policies for communities of color. Along with creating the task force, MBA also created two advisory councils on affordable homeownership and affordable rental housing.
