New Article: How Much Could Downpayment Assistance Help Close Homeownership Rate Gaps for Black and Hispanic Households?

New Article: Daniel McCue, Chris Herbert, How Much Could Downpayment Assistance Help Close Homeownership Rate Gaps for Black and Hispanic Households?, Joint Center for Housing Studies, (March 22, 2023). Excerpt below:

The persistently wide homeownership rate gaps between Black, Hispanic, and white households mean that households of color are disproportionately excluded from the many potential financial and social benefits of homeownership. These inequalities are the result of past and present racist policies and practices that specifically excluded non-white households from owning homes, and addressing them calls for new policies and programs to support homeownership for these historically disadvantaged households. Downpayment assistance is one such program that has the potential to overcome a lack of savings and intergenerational wealth, which is one of the most significant barriers to buying a home and is a consequence of the historical barriers to homeownership among people of color.