HUD Awards Nearly $1 Million for Research to Close Homeownership Gap
Grants support efforts to address disparities in access to mortgage financing and homeownership for borrowers of color and other underserved groups.
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced nearly $1 million in grant awards to conduct rigorous research focused on closing gaps in access to mortgage financing and homeownership faced by borrowers of color and other underserved groups.
“Homeownership is often the most direct path to generational wealth building. That is why HUD is committed to providing resources to help low-income renters access opportunities to purchase a home, if that is their choice,” said Secretary Marcia L. Fudge. “Today’s announcement is a reminder of the importance of working with our local partners so people in all communities, but especially those that have historically been left out, can thrive.”
“Under Secretary Fudge's leadership, HUD is prioritizing reducing the racial homeownership and wealth gaps that have persisted for decades,” Solomon Greene, Principal Deputy Assistant Secretary for Policy Development and Research. “Through this research, we look forward to learning what communities are doing to preserve and protect homeownership opportunities, particularly for home-seekers that have historically faced some of the greatest barriers to building wealth.”
New America Foundation in partnership with the Winston-Salem State University was awarded $251,925. They propose to investigate whether declining access to small dollar mortgage loans - defined as loans for amounts less than $100,000 - disproportionately impacts Black families and contributes to the widening racial homeownership gap.
The University of Michigan was awarded $330,000. Their proposal will look at two Detroit neighborhoods, Harmony Village and Condon, which have different racial makeups and will serve as focal points to understand the unavailability of mortgage financing to borrowers of color.
Abt Associates received a grant of $416,358 for a comprehensive three-part project aimed at producing actionable insights to assist policymakers in boosting homeownership among Black and Latino renter households while reducing racial and ethnic homeownership disparities.
