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NCST’s work increases access to homeownership, promotes resilient neighborhoods, and advances racial equity by advocating for policy change.
The mission of the Homeownership Alliance is to increase access to homeownership in order to narrow America’s racial wealth gap, improve access to long-term affordable housing, and to revitalize communities without gentrification.
The Homeownership Alliance is a practitioner-led collaboration that advocates for more resources and better policies to increase affordable homeownership opportunities for American families.
Our members comprise some of the leading nonprofit, mission-focused homeownership practitioners from across the country. These organizations prepare families to become successful homeowners and finance, renovate, and develop affordable homes that are assets for communities and the families that live in them.
We are committed to building a robust, nonprofit-led delivery system that will increase access to homeownership for those who have been left behind by our current system. We will increase the visibility of homeownership as an important means of achieving greater social justice, will advocate for public policies and resources that support affordable homeownership, and will help scale effective homeownership strategies across the country.
The Homeownership Alliance is driven to develop affordable homeownership opportunities for families because homeownership is so important in narrowing America’s racial wealth gap.
According to the September 2020 Federal Reserve’s Survey of Consumer Finances, white households’ median wealth is $188,200 compared to only $24,100 for Black households and $36,200 for Hispanic households.
This wealth gap is both a cause and an effect of the persistent disparity in homeownership rates, with the Census Bureau reporting a homeownership rate of 74% for White households, 44% for Black households, and 48% for Hispanic households in 2021.
Since the end of World War II, homeownership has been the primary driver for building generational wealth for American families, but millions of Americans, especially households of color, have been denied the wealth-building and community-stabilizing benefits of homeownership.
1. The Neighborhood Homes Investment Act (S. 657 and H.R. 3940)
This bill establishes a new federal tax credit to encourage the rehabilitation of deteriorated homes in distressed neighborhoods. States would receive Neighborhood Homes Investment Act (NH) tax credit authority and administer and allocate credits on a competitive basis. Rehabilitated homes must be owner-occupied for investors to receive the credits. Homeowners must be below certain income limitations, sales prices are capped, and qualifying neighborhoods must have elevated poverty rates, lower incomes, and modest home values.
2. Homeownership Finance Fund
The Homeownership Alliance recommends that the Community Development Financial Institutions Fund work with Congress to create a new source of funding for affordable homeownership within the CDFI Fund program called the Homeownership Finance Fund. Our country faces a severe and worsening housing affordability and supply crisis, as well as persistent and harmful racial disparities in the rates of homeownership and household wealth. CDFIs and nonprofit housing developers can help solve these problems by scaling up the production of homes affordable to low- and moderate income (LMI) families –including many households of color and first time homebuyers- who are increasingly priced out in many markets across the country.
Currently, the Alliance is supervised by a Steering Committee consisting of representatives from existing membership including Homewise, NHS of Chicago, ANDP, Fahe, Self-Help, The Resurrection Project, HDF, NeighborWorks Columbus, Indianapolis Neighborhood Housing Partnership, Housing Resources of Western Colorado and CHN Housing Partners. Anthony Simpkins, President and CEO of NHS of Chicago, is Chair of the Steering Committee. Mike Loftin, CEO of Homewise, is the Vice Chair.
For more information about the Homeownership Alliance, including membership and partnership opportunities, please fill out the following contact form.