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.
