Coalition Letter to Congress and Legislative Directors Regarding Homeownership in the Build Back Better Bill

On October 4 NAR signed on to a letter to Congress. The signatories representing a broad group of housing advocacy, financial services, and housing provider organizations support homeownership and the need for the highest possible amount of homeownershipfunding in the Build Back Better Budget Reconciliation Bill. The signatories recognize that homeownership is a critical piece for growing and maintaining a sustainable middle class and for building family wealth. But Black homeownership remains 29.6 percentage points below white homeownership rates and has dropped to levels from before the passage of the Fair Housing Act. Hispanic homeownership rates are 26.7 percentage points below white rates.

 

The housing market needs substantial investment to increase affordable housing supply and to improve

accessto homeownership for underserved markets. The Build Back Better Act has important tools for

reversing the decline in affordability and availability of homeownership.