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Advancing Homeownership Opportunity: An Update on Recent Innovations
September 14, 2023
1:12 pm
Current Themes
Event Recap
For many Americans, owning a home is an effective tool for building household — and generational — wealth. Yet not all Americans have shared in this prosperity. Historical and systemic barriers to homeownership have long stood in the way of households of color, resulting in significant racial disparities in homeownership and neighborhood disinvestment that persist nationwide. With rapidly increasing house prices and interest rates, more innovative and strategic programs are needed to narrow the racial homeownership gap.
As a follow-up to the 2022 webinar series, Advancing Homeownership Opportunity to Narrow Racial Disparities, the Federal Reserve Bank of Philadelphia, the Urban Institute, and the Penn Institute for Urban Research provided an update on strategies for expanding homeownership opportunities for lower-income households and households of color.
This virtual event held on September 14 featured distinguished panel, who discussed recent innovations, including:
- mortgage underwriting that considers rental payment history;
- downpayment assistance programs;
- special purpose credit program by a major bank;
- lease-to-purchase programs; and
- community land trust programs.
Introduced by Theresa Singleton, Senior Vice President and Community Affairs Officer, Federal Reserve Bank of Philadelphia, panelists also discussed ways that stakeholders can better leverage these programs locally and address potential gaps.
Panel One:
- Stacey Shifman, Senior Director, Single-Family Analytics and Modeling, Fannie Mae
- Chuck Bishop, Head, Home Lending Diverse Segments, Wells Fargo
- Laurie Goodman, Institute Fellow, Urban Institute (Moderator)
Panel Two:
- Robin Wiessmann, Executive Director and CEO, Pennsylvania Housing Finance Agency
- Nicole Montecalvo, Chief Capital Officer, Home Partners of America
- George W. McCarthy, President and CEO, Lincoln Institute of Land Policy
- Susan Wachter, Co-Director, Penn Institute for Urban Research (Moderator)
Download the agenda.
