There remain significant and systemic obstacles to equitable access to banking services and affordable housing for people of color in America today.
In July, on behalf of the NCRC and CRC, Democracy Forward submitted a comment to OMB, putting forward possible ways federal agencies could address racial and ethnic inequities in credit access and affordable home ownership. This comment was submitted as part of an OMB request for information on methods and leading practices for advancing equity and support for underserved communities through government.
The comment included a series of proposals in three areas. Recommendations included expanding the scope and strength of the Community Reinvestment Act and safeguarding Fannie Mae/Freddie Mac’s commitment to affordable housing, finding opportunities to direct more procurement and contracting dollars to underserved individuals and communities, and investing in community development financial institutions and Community Development Block Grants. The comment also recommended collecting and using robust data to help reach black homeownership target of 60 percent.
Read the entire comment here.