Low-income tenants who are displaced are generally forced into low–quality housing in poorer and higher-crime neighborhoods. Evictions cause psychological trauma, increase the likelihood of suicide, increase emergency room usage, decrease credit access, and lead to homelessness. This problem is especially traumatizing for children, impacting their emotional, social, and physical well-being, and increasing the likelihood of lead poisoning, food insecurity, and issues with academic performance.
In 2004, David McGee set out with a vision to help Black families own a home. The former banker and financial consultant launched Build Wealth MN, a nonprofit organization dedicated to doing just that. Eighteen years, and over 3,000 homes and families later, he is just getting started.
While it is encouraging that this new research documents real-life bargains and locales to access the American Dream of homeownership, mortgage lenders must clearly account for their reasons to deny Black Americans owning their own piece of America.
Featured Photo: In dozens of cities across the country, lenders are more likely to deny loans to applicants of color than white ones – even when you take into account how much money they make and how much they want to borrow.
Opportunity Zones can truly be a blessing for marginalized communities. If we mobilize financial professionals, real estate investors and entrepreneurs, we can take advantage of the massive opportunity. We can develop a team of investors – who either come from or currently live within the zones – that understands what our neighborhoods are missing.
Policy experts say that between 30 million and 40 million Americans or 29 percent to 43 percent of renter households could face eviction with the expiration of COVID-19 protection and aid packages.
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