Equality plan launched to add 3 million new Black homeowners by 2030

After a year and a half in the making, the Black Homeownership Collaborative launched its initiative to bring racial equity to home buying, offering a road map that prior efforts lacked.

While the lack of measurable actions that some equality promises have lead to performative activism rather than progress, the BHC set a clear goal. Its “3by30” program will look to create a net gain of 3 million new Black homeowners by 2030 through a seven-point plan.

The group identified homeownership counseling, down payment assistance, housing production, credit and lending, civil and consumer rights, homeownership sustainability, and marketing and outreach as the seven steps of the initiative. BHC already called for the restoration of all legal doctrines and provisions of law that address systemic discriminatory policies, more funding for housing counseling services and a targeted program for down payment assistance.

Made up of over 100 fair housing advocates and civil rights representatives — including its steering committee composed of the National Housing Conference, National Urban League, Mortgage Bankers Association, National Fair Housing Alliance, Urban Institute, NAACP, National Association of Realtors and National Association of Real Estate Brokers — the coalition aptly made its announcement a day before the first federally recognized Juneteenth holiday.

“Expanding sustainable homeownership opportunities for Black Americans by eliminating disparate systemic barriers, increasing housing counseling services, and purging biased real estate industry practices represent the elements of a wealth building strategy destined for achievable success,” Lydia Pope, NAREB president-elect, said in a press release.

The Black community has the lowest level of homeownership by race at only 41.9% at the end of 2020, according to the U.S. Census Bureau. However, the Urban Institute projected that rate to fall to 41.1% by 2030 and 40.6% by 2040.

David Dworkin, NHC president and CEO — as well as BHC’s executive secretary and marketing co-chair — told National Mortgage News about the 3by30 initiative’s top-level details and described the fight for racial equality as a marathon that not only needs to be trained for, but completed, to be deemed successful.

The MBA came out and formally endorsed the plan in a press release too. The association’s SVP of affordable housing, Steve O’Connor, holds a co-chair seat on the BHC’s steering committee.

“Promoting safe and sustainable homeownership and closing the homeownership gap that exists within minority communities is my top priority,” said Susan Stewart, 2021 MBA chairman and CEO at SWBC Mortgage Corporation. “The mortgage industry has an opportunity and a responsibility to open the door for those ready and able to buy a home.”