Published: September 2021

Biden’s Build Back Better Act to include historic expansion of funds to address homeownership gap for people of color

A broad group of consumer, housing and financial services advocates wrote the U.S. Senate to express support for the homeownership components in President Biden’s infrastructure bill, including first-generation downpayment assistance, support for Fair Housing enforcement, and investment in the Housing Investment Fund. Advocates noted that Biden’s Build Back Better Act funds important resources needed to address the decline of affordability and accessibility of homeownership in underserved communities. The housing market needs substantial investment to help increase the supply of affordable housing, improve access to homeownership, and address the troubling homeownership gap for Black and Brown people.

In a letter to the U.S. Senate, Consumer Action joined coalition members in supporting President Biden’s plan to address the racial and ethnic wealth gap through homeownership access. The infrastructure bill includes critical resources for housing programs that address racial disparity, including $50 billion in downpayment assistance for first-generation homebuyers, $35 billion for the HOME program, $12 billion for the Capital Magnet Fund, $10 billion for Restoring Communities Left Behind Act and $5 billion to incentivize zoning reforms.

Lead Organization

National Housing Resource Center

Other Organizations

National Housing Resource Center | Affordable Homeownership Foundation Inc | Americans for Financial Reform | CENTRO DE APOYO FAMILIAR, CAF | Consumer Action | Consumer Credit and Budget Counseling, Inc | National Foundation for Debt Management | Consumer Credit Counseling Service of Maryland and Delaware, Inc. | Esperanza | HomeFree-USA | Homeownership Council of America | Integrated Community Solutions, Inc | National Association of Hispanic Real Estate Professionals - NAHREP | National Association of Real Estate Brokers - NAREB | National Association of REALTORS | National Coalition for Asian Pacific American Community Development | National Community Stabilization Trust | National Consumer Law Center (on behalf of its low-income clients)| National Fair Housing Alliance | National Housing Law Project | National Housing Resource Center | National NeighborWorks Association | Navicore Solutions | NID Housing Counseling Agency | Prosperity Now | Reinvestment Partners | Rural Community Assistance Corporation | UnidosUS | Woodstock Institute

More Information

Click here to read the coalition letter in full.

For more information, please visit National Housing Resource Center.

 

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