November 23, 2021
By: Bob Walters, Buzz Roberts and Lisa Rice, HousingWire
A shortage of affordable starter homes is thwarting aspiring first-time homebuyers and fueling inflation in home prices. At the same time, many urban and rural communities are struggling for stability and vitality. It’s a fact: the homeownership gap between Black and white households is wider now than when the Fair Housing Act was passed in 1968.
The Neighborhood Homes Investment Act (Neighborhood Homes) would begin addressing these challenges by developing or renovating 125,000 affordable homes in economically distressed communities. The House has included it in its revised Build Back Better bill. The Senate should keep or expand it in its version too. The support is clear. This initiative has won backing from 72 bipartisan sponsors in the House and Senate, the White House and stakeholders ranging from civil rights groups and nonprofits to financial institutions and real estate trade associations.