As noted by HUD's Office of Fair Housing and Equal Opportunity on December 7, 2021, "the Black-White homeownership gap is wider today than it was in 1968 when the Fair Housing Act became law."1 Our district of Indiana and Michigan is no different than the national trends.
2020 Homeownership Rates 2
As FHLBank Indianapolis is cooperatively owned by financial institutions who originate mortgages to first-time home buyers, we want to work with our members to help more households obtain the dream of homeownership. We understand that down payment assistance alone will not fix the racial homeownership gap, but we are excited to provide a tool for eligible households to get one step closer in buying their first home.
1 U.S. Department of Housing and Urban Development, FHEO’s Statement by HUD’s Office of Fair Housing and Equal Opportunity on Special Purpose Credit Programs as a Remedy for Disparities in Access to Homeownership (December 7, 2021), https://www.hud.gov/sites/dfiles/FHEO/documents/FHEO_Statement_on_Fair_Housing _and_Special_Purpose_Programs_FINAL.pdf.
2 National Association of Realtors Research Group, 2022 Snapshot of Race and Home Buying in America at 8–11 (February 2022), https://www.nar.realtor/sites/default/files/documents/2022-snapshot-of-race-and-home-buying-in-the-us-04-26-2022.pdf.