5 Ways to Bridge a Racial Homeownership Gap

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post May 10, 2019 1,415 Views Servicers Navigate the Post-Pandemic World 2 days ago Affordability African Americans Black Americans Diversity Homeownership Housing Finance Housing Supply Urban Institute 2019-05-10 Radhika Ojha Subscribe A new report by the Urban Institute has given insights into five common sense solutions to increase homeownership rates among African-Americans. Emerging from an earlier roundtable discussion at Urban Institute that examined the causes of the racial homeownership gap for this demographic, the report examined each of these five areas for potential solutions and future policy interventions.According to the report, progress toward bridging this gap will involve several approaches.Advancing Policy Solutions at a Local LevelInitiatives under this guideline included responsibly expanding small-dollar mortgages for purchases and renovations as well as reforming local land use, building codes, zoning laws, and regulations. The report also touched on strengthening access to and capacity of homeownership Community Development Financial Institutions (CDFI) networks and improving and investing in community development corporations’ (CDCs) capacity and partnerships at a local level. The report suggested that removing discriminatory terms in homeowners’ association (HOA), condominium owners’ associations (COA), and planned unit development (PUD) deeds on single-family residential units and expanding the reach of Housing Finance Agency (HFA) programs while considering property tax relief for low- and moderate-income taxpayers would go a long way in bridging the gap.Tackling Housing Supply Constraints and AffordabilityHousing supply and affordability were one of the key areas in need of reform to bridge the racial homeownership gap according to the report. Solutions in this area included increasing federal efforts to improve the existing supply of affordable housing and make investments directed toward historically segregated and devalued neighborhoods, as well as expanding production of alternate affordable housing units such as manufactured homes. This solution would also be strengthened through improving home preservation, financing, and credit underwriting, as well as overhauling or improving rehab purchase lending programs.Promoting an Equitable and Accessible Housing Finance SystemIncreasing visibility, access, and types of down payment assistance program were key to making the housing finance system more accessible to potential African-American homeowners according to the report. Apart from this, the report urged policymakers to strengthen the requirements that banks serve all communities in their market and consider expansion of obligation to other parts of the system. Additionally, improving and expanding financial education and homeownership preparation for renters would also help in increasing the homeownership rates among African-Americans.Outreach and Counseling for Renters and Mortgage-Ready MillennialsApart from exploring more options for use of fintech to advance the understanding and access to homeownership for millennials, the report also listed revitalizing and improving tax credit incentives for renters who want to become owners as well as expanding programs that automate saving for down payments/reserves and increased competition in credit evaluation as potential solutions.Focus on Sustainable Homeownership and PreservationA strong post-purchase counseling framework as well as promoting healthy mortgage servicing relationships and loss mitigation options would aid in creating a sustainable plan to increase homeownership rates among this demographic, the report revealed. It also said that building tools that would help in creating early warning displacement triggers, as well as an increased focus on the intergenerational transfers of wealth, estate planning, and undivided property, would help more Black Americans take a step towards sustainable homeownership. Tagged with: Affordability African Americans Black Americans Diversity Homeownership Housing Finance Housing Supply Urban Institute Share Save The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / 5 Ways to Bridge a Racial Homeownership Gapcenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Demand Propels Home Prices Upward 2 days ago 5 Ways to Bridge a Racial Homeownership Gap Sign up for DS News Daily Previous: What Is Impacting HMBS Performance? Next: The Link Between Housing Affordability and Wage Growth Related Articles About Author: Radhika Ojha The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

Read More →

Would you do it? Estate agent regrets letting the TV cameras into his offices

first_imgHome » News » Agencies & People » Would you do it? Estate agent regrets letting the TV cameras into his offices previous nextAgencies & PeopleWould you do it? Estate agent regrets letting the TV cameras into his officesBoss of company which has become most famous estate agency in the world after appearing in a Netflix reality TV show says he’s not happy with its focuson personal rather than business matters.Nigel Lewis18th August 202003,174 Views The owner of an estate agency that has become the centre piece of a surprise Netflix TV hit show has said he was misled about what the reality show Selling Sunset would really be about.The show, which features Los Angeles agent The Oppenheimer Group and follows its agents’ attempts to sell multi-million homes in the city, recently began its third series after its second series became a word-of-mouth lock-down favourite in the UK.While TV shows about our estate agents tend to focus on their inadequacies, Selling Sunset focuses more on the personal lives of the glamorous men and women who work for Oppenheimer, and their jaw dropping commissions.Agents in the US take up to 6% of a property’s asking price and in one episode one of the company’s brokers closes on a €40 million mansion, earning £2.4 million in fees.£600,000This is then distributed among the buying and listing agents and their brokers – so a selling broker might expect to keep 25% of that, or £600,000.The boss of the Oppenheimer Group, Jason Oppenheimer, has told Hello magazine that: “I wanted it to be all about the nuances of real estate, but I now realise the show I envisaged wouldn’t be that popular.“I’ve come to accept the idea that I’m on more of a reality show than a real-estate show.”But the show also reveals the rampantly competitive and insecure working conditions agents in the US experience on a daily basis, often working on a commission-only basis for weeks and months on house sales that can fall through without warning or payment.Read the Hello interview in full.selling sunset The Oppenheimer Group Jason oppenheimer August 18, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

Read More →