The Leadership Conference on Civil and Human Rights, joined by Americans for Financial Reform, submitted testimony today to the House Subcommittee on Housing, Community Development and Insurance at its hearing on “A Review of the State of and Barriers to Minority Homeownership.” The Leadership Conference applauds the chair and the committee for examining policies to address our nation’s troubling racial gap in homeownership and many financial practices that impact communities of color.
“We are grateful not just for today’s hearing, but for what can only be described as a flurry of hearings in the past several weeks that have examined policies and practices affecting the financial health of communities of color,” said the groups in their testimony. “The pace has undoubtedly been challenging, but we commend the members of this committee and its tireless staff for their hard work and their willingness to engage in serious discussions about how our nation should regulate the financial services industry moving forward.”
The testimony details a historic overview of the state of the minority homeownership gap and offers recommendations to encourage continued oversight on discriminatory financial policies. These include:
- Housing finance reform
- Improvements in credit score models
- Enforcement of the Fair Housing Act
- Oversight and clear metrics for measuring affordable housing within new Opportunity Zone programs
“The lessons learned from the housing crisis – or in some cases, the lessons that should have been learned – must be kept in mind if we are to succeed in efforts to promote sustainable levels of homeownership among communities of color,” said the groups.
Read the full testimony here.
The Leadership Conference on Civil and Human Rights is a coalition charged by its diverse membership of more than 200 national organizations to promote and protect the rights of all persons in the United States. The Leadership Conference works toward an America as good as its ideals. For more information on The Leadership Conference and its 200-plus member organizations, visit www.civilrights.org.
Americans for Financial Reform is a nonpartisan and nonprofit coalition of more than 200 civil rights, consumer, labor, business, investor, faith-based, and civic and community groups.