NAREB, the National Association of Real Estate Brokers, is calling on mortgage lenders to utilize Special Purpose Credit Programs (SPCPs) in order to help boost Black homeownership. The organization has recognized that one of the main obstacles hindering Black homeownership is a lack of resources and capital available, and so is urging mortgage lenders to use SPCPs, which are government sponsored loan programs specifically created to increase access to loans for low and moderate-income families. NAREB is asking for mortgage lenders to take advantage of the existing federal funding in order to help fill in the gaps that often prevent historically underserved and low-wealth communities from accessing the capital they need.
According to the article, NAREB President Jeanette Smith-Laws believes that SPCPs are the best way to achieve this goal and has argued that there is significant public and private funding available. She also states that mortgage lenders need to take advantage of the resources that are readily available in order to help increase homeownership among Black Americans. Smith-Laws argued that utilizing the SPCP loan programs would assist Black Americans in gaining the access to mortgage capital they need – especially in underserved communities.
NAREB argues that not only would purchasing a home through SPCPs ensure a quicker route to homeownership for many, but it would also help to create a pathway to wealth-generation for Black Americans. The organization notes that these loan programs can help to create financial freedom for these historically underserved communities, something that would have a lasting impact on the future of their families. Furthermore, NAREB points out that SPCPs provide an accessible and responsible option for Black Americans to become homeowners and build wealth, something that is essential to the financial well-being of this population.
In conclusion, NAREB is urging mortgage lenders to utilize the existing Special Purpose Credit Programs in order to increase homeownership among Black Americans and to build wealth in underserved communities. The organization is recognizing the importance of creating a pathway to financial freedom for Black families and believes that these loan programs are the best way to do so. NAREB is arguing that if mortgage lenders take advantage of the public and private funding available, it will be an essential first step in creating a future of economic opportunities for the Black population.
You can read this full article at: https://www.housingwire.com/articles/nareb-to-mortgage-lenders-use-spcps-to-boost-black-homeownership/(subscription required)
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