Mortgage Bankers Association (MBA) officials said the organization supports the Black Homeownership Collaborative’s (BHC) plan to close the Black homeownership gap via its seven-point plan.
The BHC recently unveiled the solutions-based initiative designed to bolster Black homeownership by three million net new households by 2030, adding the seven-point plan was introduced during a BHC-hosted in Cleveland attended by Department of Housing and Urban Development (HUD) Secretary Marcia Fudge, U.S. Sen. Sherrod Brown (D-OH), U.S. Rep. Tim Ryan (D-OH), Cleveland State University President Harlan Sands and MBA President and CEO Bob Broeksmit.
“Promoting safe and sustainable homeownership and closing the homeownership gap that exists within minority communities is my top priority as MBA’s 2021 Chair,” Susan Stewart, 2021 MBA chair and Chief Executive Officer at SWBC Mortgage Corporation, said. “The mortgage industry has an opportunity and a responsibility to open the door for those ready and able to buy a home.”
The BHC comprises organizations committed to addressing affordable housing challenges facing Black communities and detailing the seven-point plan, including homeownership counseling, down payment assistance, housing production, credit and lending, civil and consumer rights, homeownership sustainability, and marketing and outreach.
“MBA continues to consult and partner with housing experts, consumer groups, nonprofits, and civil rights organizations to identify and remove barriers to homeownership for minority households,” BHC Co-Chairman and MBA Senior Vice President of Affordable Housing Initiatives Steve O’Connor said. “I believe our thoughtful, results-driven plan will increase Black homeownership and help to close the racial wealth gap.”