Student-loan Debt Is an Obstacle to Black Homeownership says Biden's Housing Secretary

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Via businessinsider.in

• HUD Secretary Marcia Fudge told Axios student debt is limiting Black homeownership.
• She said it's partly down to failures to enforce the Fair Housing Act, which prohibits housing discrimination.
• Black homeownership has been on the decline and Black people pay more for housing than white people.

[Black Americans]( hold a disproportionate burden of the $1.7 trillion [student debt]( crisis, and it's limiting their abilities to own a home.

Department of Housing and Urban Development (HUD) Secretary Marcia Fudge told Axios in a Sunday [interview]( that student debt is hindering homeownership for Black people. On Friday, the Federal Housing Administration (FHA) announced in a press release it is updating its student loan monthly payment calculations in an effort to "remove barriers and provide more access to affordable single family FHA-insured mortgage financing for creditworthy individuals with student loan debt, which has a disproportionate impact on people of color."

Fudge said the disproportionately low rate of [Black homeownership]( had driven HUD to reassess student loan calculation policies when determining homeowner assistance, which will increase homeownership access for communities of color.

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