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Tuesday, November 26, 2024
The 2024 Mid-Atlantic Regional Affordable Housing Conference is December 17-19 in Baltimore
Friday, November 22, 2024
HSBC Commits $25M to NCRC Partnership Following Redlining Allegations
HSBC, a British universal bank and financial services group headquartered in London, has agreed to direct $25 million over the next four years to support underserved communities in an agreement with the National Community Reinvestment Coalition (NCRC) following allegations of redlining.
HSBC had been under investigation by the Department of Housing and Urban Development (HUD) after NCRC filed a complaint alleging violations of the U.S. Fair Lending Act. According to the document, HSBC allegedly engaged in discriminatory lending practices in majority Black and Hispanic neighborhoods in six U.S. metropolitan areas from 2018-2021 - including New York (NY), Seattle (WA), Orange County (CA), Los Angeles (CA), Oakland (CA), and the Bay Area (CA).
The new HSBC-NCRC partnership begins in January 2025, and is dedicated to expand economic opportunities in low—and moderate-income, diverse and underserved communities through loan subsidies, grants, and donations. The HSBC US and Americas CEO Michael Roberts stated that the partnership “reflects our shared commitment to fostering economic resilience and opportunity in communities across the U.S., and we are honored to support these efforts through our loans, investments and grants.”
HSBC has committed $10 million in loan subsidies, including $3.5 million to certain California markets. An additional $4 million will be for grants to Community Development Financial Institutions (CDFIs) and community-based nonprofit organizations, $6 million will be donated to NCRC, and $1 million will fund community engagement initiatives.
According to the mortgage tech platform Modex, HSBC originated about $3.5 billion in mortgages in the last 12 months, 77% of them purchases and 90% conventional loans. California and Washington are the bank’s main markets.
Read the November 20, 2024 HousingWire article.
New Study Finds Neighborhood Mental Health Outcomes Are Connected To Mortgage Lending Levels
The University of Michigan and the National Community Reinvestment Coalition (NCRC) have published a study in the October 29, 2024 Journal of Urban Health (doi: 10.1007/s11524-024-00926-z. Epub ahead of print. PMID: 39470868) exploring the relationship between access to mortgage loans and improved neighborhood mental health. The research found that housing investment was linked to promoting community well-being.
This 2024 study confirms several previous studies of the link between redlining and health. For example, the study "Mortgage Lending Bias and Breast Cancer Survival Among Older Women in the United States" published in the June, 2021 issue of the Journal of Clinical Oncology - 39(25):JCO.21.00112 - found that contemporary redlining has a negative impact on survival among older women with breast cancer.
The 2021 study utilized a redlining index consisting of Home Mortgage Disclosure Act data (2007-2013) linked by census tract with a SEER-Medicare cohort of 27,516 women age 66-90 years with an initial diagnosis of stage I-IV breast cancer in 2007-2009 and follow-up through 2015. It found that 34% of non-Hispanic White, 57% of Hispanic, and 79% of non-Hispanic Black individuals lived in redlined tracts. As the redlining index increased, women experienced poorer survival rates. This effect was strongest for women with no co-morbid conditions, who were 54% of the sample. A similar pattern was found for breast cancer–specific mortality. The conclusion was that contemporary redlining is associated with poorer breast cancer survival. The impact of this bias is evidenced by the stronger effect even among women with health insurance (Medicare) and no co-morbid conditions.
The 2024 study discovered that, in almost all of the 18 major U.S. metropolitan areas analyzed, neighborhoods with numerically more issued mortgages had better mental health outcomes. This probably is because of the firmer social stability and financial security that homeownership provides - which also helps reduce stress and anxiety. Increased mortgage activity often also is accompanied by such enhanced neighborhood improvements as better infrastructure, more green space, and community facilities. All of these strengthen social cohesion and improve well-being.
This 2024 study utilized the newly available HMDA longitudinal dataset which tracks mortgage lending data over decades. “This is a pioneering study in this field of research which leverages the mortgage lending data over decades, in order to assess patterns,” said Dr. Bruce Mitchell, NCRC Principal Researcher and a co-author of the new study “We hope that public health researchers can gather further insights into the relationships between community well-being and housing using this dataset.”
Photo courtesy of Violette79 on Flickr.
Read the November 19, 2024 NCRC article.
Wednesday, November 20, 2024
The Just Economy Conference 2025 will be on March 26-27, 2025
Washington Hilton
1919 Connecticut Avenue
Washington, D.C. 20009
Hill Day • March 25
The Just Economy Conference is the national event for community, business, foundation, policy and government leaders who want a nation that not only promises but delivers opportunities for all Americans to build wealth and live well. National and local luminaries, visionaries and changemakers gather to network, share ideas, learn and ask hard questions to chart out a better future.
Along with keynote speakers and conversations on the main stage, the conference includes a wide range of conversational sessions and workshops.
Topics include:
- Community organizing and advocacy
- Fair housing
- Fair lending
- Access to capital and credit
- Workforce and community development
- Business
- Education
- Climate change
- Healthcare
- Impact investing
- Civil and human rights, and others.
Super Earlybird Pricing
General Admission - $700
Nonprofit - $450
NCRC Organization Member - $250
Just Economy Club Member - $350
Student/Intern - $85
Retired - $85
Stay Informed:
Subscribe to our newsletter to stay updated on the Just Economy Conference.
National Community Reinvestment Coalition
740 15th St NW, Suite 400
Washington, DC 20005
Friday, November 15, 2024
Time is Running Out for Baltimore City Rental Assistance!
If you or your clients in Baltimore City need help paying rent, please act fast! The Baltimore City Rental Assistance Program Portal reopened on Monday, October 21, 2024 for 30 days, until November 19, 2024. The City's Rental Assistance Portal is an online platform that offers eligible residents an opportunity to apply for funds that cover back rent and prevent eviction, as well as for security deposit assistance. To be eligible, applicants:
- cannot reside in either Section 8 housing or receive a federal rental subsidy.
- must be a Baltimore City resident with a household income at 80% of Area Median Income.
- must reside in rental units that are registered and licensed with Baltimore City.
- must have a signed lease, and must provide documentation.
Required documents include 1 months worth of pay stubs, 2023 tax forms, unemployment forms, government assistance forms (TANF), Social Security disability), Social Security award letters, pension award letters, retirement forms, etc.
Additionally, income and a valid photo ID should be provided for each 18 or older member of the household. City residents can also seek out case management to learn about available local resources, including legal assistance and housing counseling on the City's Rental Assistance Portal.
Baltimore City Rental Assistance Program applications can also be completed in person at one of the five Community Action Partnership Centers, Monday through Friday 9:00am-3:30pm. Visit www.bmorechildren.com/assistance to register your account as a new user, to sign in to the portal, to apply, and to learn more.
Call (410)396-5555 with questions about the program. Economic Action Maryland recommends contacting one of the five Community Action Partnership Centers directly.
For more information, read our post explaining this round of rental assistance and don't hesitate to reach out with questions
2209 Maryland Avenue | Baltimore, Maryland 21218
(410)220-0494 | info@econaction.org
City of Baltimore's Settlement Agreement in ADA Lawsuit Includes $44 Million for Pedestrian Infrastructure
Baltimore Mayor Brandon M. Scott has announced a settlement agreement with a class of plaintiffs that will result in $44 million of improvements to the City’s pedestrian rights of way. The agreement is one component of a partial consent decree. The agreement also will create a program within the City’s Department of Transportation dedicated solely to manage this infrastructure investment.
The IMAGE Center of Maryland, the nonprofit that joined three wheelchair users in filing the class action lawsuit against the City in 2021, said they are happy Baltimore is making this commitment to make sidewalks and curb ramps more accessible to people with mobility disabilities. In 2021, after the lawsuit was filed, Mayor Scott formed a multi-agency task to address Baltimore's ADA compliance and directed it to use all necessary measures to triage current accessibility complaints.
Under the agreement, the City will spend $44 million on its sidewalks and curb ramps over the next four years. This will include $8 million for FY25 and $12 million for each of FY26, 27, and 28. The City also will appoint an ADA coordinator who will: (1) focus on maintaining the pedestrian rights of way; (2) implement a pedestrian inspection program to monitor accessibility on a 10-year basis; (3) institute a maintenance program to clear clutter and vegetation on an annual basis; and (4) communicate to the public about the importance of accessibility to its rights of way. The City and the plaintiffs will renegotiate the terms in four years when the agreement concludes to decide possible future investment.
“As is the case in many historic East Coast cities, the challenge posed by our City’s sidewalks and curbs long predates the Americans with Disabilities Act and adequately changing our infrastructure poses a monumental task,” said Mayor Brandon M. Scott. “However, under my Administration, we are committed to taking every action necessary to set the City on track to come into compliance with the ADA, and ensure Baltimore is more accessible to our disabled community than ever before. As with every deeply-entrenched problem, achieving this goal will not happen overnight, and it will ultimately cost far more than $44 million included in this settlement. But today, we join with all of our neighbors to announce the largest move in this City’s history to make our sidewalks accessible to everyone.”
This settlement must be approved by the City’s Board of Estimates, who will consider the agreement on November 20, 2024.
Wednesday, November 13, 2024
The Maryland Commission on Civil Rights & White Marsh Mall Successfully Conciliate Accessibility Complaint
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