MBA Endorses Plan to Significantly Increase Black Homeownership by 2030
WASHINGTON, D.C. (June 18, 2021) - The Mortgage Bankers Association (MBA) endorses today's announcement by the Black Homeownership Collaborative (BHC) to close the Black homeownership gap through its 7-point plan - a solutions-based initiative to increase Black homeownership by 3 million net new households by 2030.
"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 announcement of the 7-point plan was made at a BHC-hosted event today in Cleveland. The noteworthy list of guest speakers at the event included U.S. Department of Housing and Urban Development (HUD) 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 several other housing industry leaders.
The BHC, co-chaired by MBA Senior Vice President of Affordable Housing Initiatives Steve O'Connor, is comprised of organizations that are committed to addressing affordable housing challenges facing Black communities. 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. "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."
MBA recently 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 has created two advisory councils on affordable homeownership and affordable rental housing. Both councils unite voices from across the industry to foster progress on housing and rental fronts.
For more information on MBA's affordable housing initiatives, click here.
To learn more about the 7-Point Plan, click here.