Suggested Audiences: Primary- Nonprofit and municipal housing practitioners; Secondary – policymakers, allies, SEH stakeholders
The need for affordable homeownership options has never been greater. While many households—especially those led by people of color—are experiencing long-term or permanent loss of income resulting from the COVID-19 pandemic, housing costs are rising steadily. Early data indicate harsh outcomes are on the horizon for BIPOC households without specific interventions to address their needs, especially related to homeownership. Of the 2.6 million homeowners who are currently past-due on their mortgages, as reported by the Mortgage Bankers Association, over half of them are people of color, according to Census Bureau Household Pulse Survey data from January 2020 to February 1, 2021.
A number of shared equity programs, in collaboration with Grounded Solutions Network, are launching “BIPOC Homeownership Stabilization Programs” that enable current homeowners, some of whom may be exiting a COVID-19 related mortgage forbearance period, to avoid foreclosure or displacement with the choice to partner and become part of a local shared equity homeownership program. In return for a reduced monthly payment that is affordable to them, the homeowner agrees to resale restrictions that will ensure that the home remains permanently affordable for future low-income households. Over time a permanent stock of community controlled shared equity homes clearly provides access to homeownership for ever more families of color who will gain the benefits of upward economic mobility and wealth building.
Join us to learn about how this innovative and proactive work that could be adapted and expanded to help stabilize homeownership in your area. Presenters will highlight work by housing counselors, as well as policies and programs leveraging existing subsidy to stabilize homeowners and prevent displacement as a result of foreclosure. The presenters will share how they are focusing on racial equity in this work – seeking ways to approach their program design to achieve outcomes that address the disproportionate impact this pandemic has had on Black and other marginalized homeowners of color. View the recording below.
This webinar was sponsored by NeighborWorks America.
- Follow this link to our member guidance on American Recovery Plan Act (ARPA) funding. Note that since we published the guideline, the deadline for states to submit their HAF plan has been extended to July 31, 2021 so keep your advocacy efforts going! And, if you are not a member, please join us so that you continue to have access to resources like this.
- The Center for Community Progress also has a COVID-19 Resource Center that tracks federal policy and is helpful in understanding the current federal policy landscape.