On Wednesday, May 8, the Financial Services Committee held a hearing entitled A Review of the State of and Barriers to Minority Homeownership. You can watch the archived telecast here: https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=403649#Wbcast03222017.
NHRC provided comments to the Financial Services Committee staff to engage them in a conversation about the importance of housing counseling in any effort to increase homeownership rates for minority households. We offered four primary solutions:
- Recognizing housing counseling as a vehicle for increasing homeownership
- Incentivizing mortgage applicants to use housing counseling services
- Providing sustainable funding for housing counseling programs nationwide and
- Expanding the Section 8 Voucher Program
The committee is already moving to include housing counseling as a policy priority this Congress. Representative Beatty (D-OH) and Representative Stivers (R-OH) has introduced H.R. 2162, the Housing Financial Security Act of 2019, which would require HUD to discount FHA single-family mortgage insurance premium payments for first-time homebuyers who complete a financial literacy housing counseling program.
We commend Representative Beatty for focusing on homebuyer education and its role in the housing market and community development and economic security of households. We hope to work with Representative Beatty’s office to ensure that the legislation is specifically targeting HUD-approved housing counseling agencies.
You can view the entire comment letter here: NHRC Letter of Record – 5-8-19 Financial Services -Minority Homeownership