Following reports that Black Americans owned homes in 2017 than in 1983, banker Teri Williams offers recommendations to diversify homeownership across the United States.
The gap in homeownership between black and white Americans is greater than it was in 1983, according to the "State of the Nation's Housing 2018" report from the Joint Center for the Study of Housing of Harvard University; just 43 percent of Black Americans owned homes in 2017, compared with 72 percent of whites. Teri Williams, a leader in the #BankBlack movement, lays out five strategies to combat the effects of the nation's racial wealth gap, shortage of affordable housing, and historically racist housing and banking policy.
One notable suggestion is beefing up first-time homebuyer programs, not only by increasing funding, but also by offering up municipal property. Rather than auctioning property acquired through foreclosures to investors, "a better alternative to diversify neighborhoods, offset gentrification and support community values would be to deed these properties to Black residents, organizations that offer first-time homebuyer programs or local private developers that partner with these organizations," Williams writes. Another recommendation is awarding Community Reinvestment Act (CRA) credits to banks for every loan provided to a Black first-time homebuyer.
FULL STORY: Five Steps Toward Ending the Black Homeownership Crisis in the US
4 Reasons Home Ownership Won't Close the Racial Wealth Gap
Homeownership is often promoted as a way for low-income and minority families to build wealth. But it is those very families who assume the most risk in buying a house.
Making Homeownership Work Better
Programs that help households of color buy homes haven't made much of a dent in the racial wealth gap. But some strategies could generate better outcomes for buyers.
Increased Homeownership Won’t Close the Racial Wealth Gap
Despite the hopes pinned on it, homeownership is still too affected by institutionalized racism at every turn to be an equalizer.
What ‘The Brutalist’ Teaches Us About Modern Cities
How architecture and urban landscapes reflect the trauma and dysfunction of the post-war experience.
‘Complete Streets’ Webpage Deleted in Federal Purge
Basic resources and information on building bike lanes and sidewalks, formerly housed on the government’s Complete Streets website, are now gone.
Downtown Los Angeles on the Rise: A Promising 2025
Fueled by new developments, cultural investments, and a growing dining scene, downtown Los Angeles is poised for significant growth in 2025, despite challenges from recent wildfires and economic uncertainties.
San Francisco Slow Streets Bucks Citywide Trend, Reducing Injuries by 61 Percent
Low-cost interventions aimed at slowing traffic are making a major impact on road safety.
How Single-Family Conversions Benefit Both Homeowners and Cities
Converting single-family homes to triplexes can ease the housing crisis and offer affordable, flexible options for more households. Why is it largely illegal?
Report: Transportation Equity Requires More Than Electrification
Lower-income households often lack the resources to buy electric cars, signaling a need for a more holistic approach to improving mobility and lowering transportation costs.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Economic & Planning Systems, Inc.
UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research