WASHINGTON, D.C. – Today, the Center for Responsible Lending called for Congress to pass the Build Back Better Act. The bill aims to combat climate change and strengthen our nation’s human infrastructure, including through an historic investment in housing.
Center for Responsible Lending President Mike Calhoun issued the following statement:
The Build Back Better Act would make much-needed investments in the affordability, supply, and maintenance of housing for American families. This legislation would constitute a major step toward ensuring everyone has a decent and affordable place to call home. Congress should pass this bill.
For decades, racially exclusionary housing blocked people of color from homeownership and the wealth-building it facilitates. This has caused a vicious cycle whereby parents often don’t have the money to help their adult children with a mortgage downpayment, which puts homeownership out of reach even for people who can afford the monthly mortgage payment.
The Build Back Better Act includes an innovative provision to help overcome this barrier by providing downpayment assistance for first-generation homebuyers. First-generation downpayment assistance is one of many policy tools that are needed to begin to close the racial homeownership gap and in turn, the racial wealth gap. Thank you to Chairwoman Waters, Chairman Brown, Senator Warnock, and Senator Warner for your leadership in ensuring downpayment assistance was incorporated into this bill.”
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