After a year and a half of preparation, the Black Homeownership Collaborative launched its initiative to bring racial equity to home buying, offering a roadmap that was lacking in previous efforts.
While the lack of measurable actions that some equality promises led to performative activism rather than progress, the BHC has set a clear goal. Its “3by30” program will seek to create a net gain of 3 million new black homeowners by 2030 through a seven-point plan.
The group has identified advice on homeownership, down payment assistance, housing production, credit and loans, civil and consumer rights, sustainability of home ownership, and marketing and awareness as the seven stages of the initiative. BHC has already requested the restoration of all legal doctrines and provisions legislation that tackles systemic discriminatory policies, more funding for housing counseling services and a targeted down payment assistance program.
Made up of over 100 fair housing advocates and civil rights representatives – including its steering committee made up of the National Housing Conference, National Urban League, Mortgage Bankers Association, National Fair Housing Alliance, Urban Institute, NAACP, National Association of Realtors, and National Association of Realtors – the coalition rightly made its announcement a day before the first federally recognized holiday.
“Expanding sustainable homeownership opportunities for black Americans by removing disparate systemic barriers, increasing housing counseling services and purge biased practices from the real estate sector represent the elements of a wealth building strategy for achievable success, ”said Lydia Pope, President-elect of NAREB, in a press release.
The black community has the lowest homeownership rate by race with just 41.9% at the end of 2020, according to the US Census Bureau. However, the Urban Institute predicts that this rate will drop to 41.1% by 2030 and 40.6% by 2040.
David Dworkin, CEO of NHC – as well as Executive Secretary and Marketing Co-President of BHC – told National Mortgage News on the high-level details of the 3by30 initiative and described the fight for racial equality as a marathon that not only needs to be trained, but completed, to be considered a success.
The MBA came out and officially endorsed the plan in a press release. The association’s Executive Vice President of Affordable Housing, Steve O’Connor, is co-chair of the BHC Steering Committee.
“Promoting safe and sustainable homeownership and closing the homeownership gap that exists among minority communities is my top priority,” said Susan Stewart, President of the 2021 MBA and CEO of SWBC Mortgage Corporation. “The mortgage industry has the opportunity and the responsibility to open the door for those who are ready and able to buy a home.