National Fair Housing Alliance Praises Biden-Harris Administration’s New Efforts to Narrow Racial Wealth Gap

Washington, D.C. — Today, Lisa Rice, President and CEO of the National Fair Housing Alliance (NFHA), issued the following statement in response to President Biden’s historic announcement today in Tulsa, Oklahoma regarding new actions to build Black wealth and narrow the racial wealth gap:

“We are thrilled to see the Biden-Harris Administration taking steps to build Black wealth, narrow the racial wealth gap and reinvest in communities that have been slighted for centuries, and we are encouraged by the measures the Administration is taking to ensure people of color can tap into and access housing and lending opportunities. 

“Being eligible for an opportunity does not mean people can access that program, product, or service. In fact, structural racism has meant that eligible people of color often cannot avail themselves of opportunities to access homeownership. Secretary Marcia Fudge is making sure components are in place so people can get the quality loans they need to purchase housing they can afford in their neighborhood of choice.

“The steps President Biden is taking to address our nation’s long history of housing discrimination and the structural barriers that lock people out of housing opportunities is both welcomed and urgently needed. Racism is not only harmful to individuals, but it is destructive to our entire society. It makes us less competitive and productive in global markets.

“It is critically important that federal agencies take steps to bolster homeownership rates for low- and moderate-income homebuyers in underserved communities while protecting against gentrification. Across the country, just 48 percent of Latinos and 42 percent of Blacks own their own homes, compared to 72 percent of Whites. Latino and Black Americans also have just a fraction of the wealth of their White counterparts.

“The low rate of homeownership among Blacks, Latinos, Native Americans, and Asians is a result of the persistent wealth gap, discrimination, and structural barriers such as algorithmic bias. The use of technology in the housing industry is on the rise. It has been criticized for contributing to discriminatory outcomes that have profound impacts on whether people of color can successfully obtain housing, credit, or insurance.

“There is so much work to be done to address centuries of redlining, segregation, a widening wealth gap, and other biased policies that are unfortunately woven into our nation’s fabric. Our Keys Unlock Dreams initiative is dedicated to increasing the homeownership rate for communities of color and millennials while simultaneously closing the racial wealth gap and ensuring that every neighborhood has the resources and amenities people need to live successful lives. Through this effort and continued innovative approaches like what the Biden-Harris Administration is proposing, we are confident we can put an end to housing inequality and place underserved families in positions to own homes and accumulate intergenerational wealth.” 

About NFHA’s Keys Unlock Dreams Initiative

Keys Unlock Dreams is a nationwide initiative led by the National Fair Housing Alliance (NFHA) dedicated to increasing the homeownership rate for communities of color and millennials, while simultaneously closing the racial wealth gap. This initiative strives to demystify and unlock the American dream of homeownership, opening the doors to the many opportunities and options that it provides.