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The CBC Unearths Continuing Home Ownership Discrimination Impeding Black Wealth Creation In The US
Washington, DC -- Decades of discriminatory lending practices and
government policies have created barriers for African Americans seeking
to become homeowners, according to leading housing experts participating
in a September 13 forum on fair housing, which was hosted by the
National Association of Real Estate Brokers (NAREB) at the Congressional
Black Caucus Foundation Legislative Conference.
Fifty-years after the Fair Housing Act was enacted, panelists noted the continued disparity in homeownership rates - 41.6 percent for Blacks, compared to 72.9 percent for Whites - caused by legacy of discrimination. Blacks couldn't fully enjoy benefits of the GI Bill, suffered "redlining" that prevented them from buying homes in white communities, and were charged higher fees and rates on their mortgages.
"Blacks have experienced housing discrimination that has limited financial growth and fueled the wealth gap that exists today," said NAREB President Jeffrey Hicks. "Far too many people of color missed out on the American Dream of Homeownership, and a pathway to prosperity that has been denied to many Black families. That must change."
