Honing in On Home: Breaking Barriers in BIPOC Homeownership

A cornerstone of the “American Dream” is owning a home. For many in rural America, specifically Black and other POC residents, this vision seems nearly impossible.

From gaps in credit to higher loan pricing in comparison to white residents, the divide between white and non-white homeowners grows larger and larger, built on centuries-long discriminatory practices and segregated infrastructure.

So, how can we fix this? What are we doing to close the gap? PRT and our Partner org. HOPE are looking at policy and lending. Supporting and proposing policies that further Fair Housing, including fair access to credit, are one way to achieve that goal. HOPE has established lending policies that have improved access to credit for borrowers of color and women. Over the last decade, HOPE’s mortgage portfolio nearly quadrupled from nearly $34 million in 2010 to $130 million at the end of 2022 and the percent of mortgage loans originated for borrowers of color grew from 55% in 2007 to 80% in 2022. The impact of HOPE’s mortgage lending is reinforced by low charge off rates. In 2022, the annualized net charge-off rate was 0.19%.

Learn more about how PRT and HOPE are dismantling unfair housing practices for those we serve in rural. Read our entire comment here.

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