For many Americans, owning a home is an effective tool for building household wealth. Yet households of color have faced historical and systemic barriers to homeownership that persist widely today, calling for more innovative and deliberate strategies for addressing the racial homeownership gap.
Part two of the series Advancing Homeownership Opportunity to Narrow Racial Disparities featured two panels discussing efforts to preserve and expand current homebuyers’ programs while forging new homeownership opportunities for households of color. Panelists shared details on programs from lenders and state and local governments, including the Mortgage Bankers Association’s Convergence program, Boston’s first-generation homeownership program, New Jersey’s homeowner assistance programs, the Philly First Home program, a home repair loan program in Ohio, and a special purpose credit program initiated by a major bank.
Watch a Video of the Event
This series was cohosted by the Federal Reserve Bank of Philadelphia, the Urban Institute, and the Penn Institute for Urban Research.
Part Two: State and Local Programs to Advance Homeownership Opportunity to Narrow Racial Disparities
Panel 1: State and Local Programs to Narrow the Racial Homeownership Gap
Panelists included:
- Wendy Penn, Associate Vice President, Mortgage Bankers Association
- Cerita Battles, Managing Director, Head of Community and Affordable Lending, Chase
- Symone Crawford, Executive Director, Massachusetts Affordable Housing Alliance
- Ryan Ambrose, Director, Neighborhood Preservation Initiative, Philadelphia Housing Development Corporation
Moderator: Janneke Ratcliffe, Vice President, Housing Finance Policy Center, Urban Institute
Panel 2: State and Local Programs to Preserve Existing Homeownership
Panelists included:
- Melanie R. Walter, Executive Director, New Jersey Housing and Mortgage Finance Agency - Download the presentation slides
- Stephanie Moulton, Professor, Ohio State University - Download the presentation slides
- Adam H. Langley, Associate Director, Lincoln Institute of Land Policy (invited)
Moderator: Lei Ding, Senior Community Development Economic Advisor, Philadelphia Fed
If you missed part one, watch the event here. Part one featured two virtual panels discussing current federal efforts to advance racial equity in homeownership and ways to leverage these new and emerging programs.