50 Year Anniversary of the Fair Housing Act and There’s Still a Racial Homeowners Gap

This year marks the 50th year anniversary of the Fair Housing Act. On April 11, 1968, a week after the passing of famed civil rights leader Rev. Dr. Martin Luther King Jr., President Lyndon Johnson approved Title VIII of the Civil Rights Act of 1968 — also known as the Fair Housing Act,.

The Fair Housing Act outlawed discrimination concerning the sale, rental, and financing to any person because of race, color, sex, religion, or national origin. This groundbreaking legislation eliminated legal barriers that prevented blacks from participating in homeownership.

Home ownership has been a vehicle for many to increase their financial security, develop communities, and transfer a piece of wealth to future generations. In an article on Nareb.com — National Association of Real Estate Brokers (NAREB) — Ron Cooper, shared his insights on the power of homeownership.

“Homeownership is the number one way for African Americans to build wealth,” he said. “There are so many other things tied to it.”

Unfortunately, many black people still lag behind white people in the homeownership goal. Although more members of the black community have been given access to homeownership because of the Fair Housing Act, reports show that 41% of blacks own homes compared to 71.3% of whites, according to 2016 U.S. Census data. The rate of black homeownership has declined since 2004 when approximately 49% of blacks owned homes.

Reasons for the Housing Gap  

What’s causing the housing gap and decline in homeownership rates for black people today? Loan fees, credit scores, limited savings, down payment requirements, and results of the 2008 financial crisis are some of the barriers preventing the growth of black homeownership today. According to the 2018 State of Housing in Black America (SHIBA) report commissioned by NAREB, there is a hidden tax on black home buyers, making it more costly for blacks to participate in homeownership. NAREB explores how Government Sponsored Enterprise (GSE) housing lending companies such as Fanni Mae and Freddie Mac charge low to moderate income households excessive fees due to a fear of loan default.

The Impact of Segregation Despite Fair Housing Act 

The SHIBA report notes that in the 10 cities with the largest black populations, segregation remains extremely high. Neighborhood segregation has a negative impact on housing appreciation for blacks populations. Homes in African American neighborhoods have lower property values, suffering from discriminatory impacts of redlining outlawed decades ago. A study published by online real estate database company Zillow, shows the impact color coding African American neighborhoods red — as most “hazardous” for lending — in the 1930s impacts housing values today. “The median home value in neighborhoods labeled “best” has risen 230.8% to $ 640,238 over the past 22 years, whereas the median value in the areas rated “hazardous” has climbed only 203.1%, to $ 276,199.

Solutions to Build Homeownership Rates  

Although blacks have celebrated many victories over the last 50 years in pursuit of equality and fair practices in housing, there is still more work to be done. Increasing the level of loan applications, loan originations, and homeownership sustainability will be a step in the right direction, according to NAREB.

If you’re thinking about buying a house, it’s important to consult with a realtor and financial professional to educate you on the process. Don’t walk the journey alone. In order to move beyond years of discrimination and limited access, you have to be equipped with the right tools to succeed. Education and preparation is key to moving the needle on housing in black America and will ensure that more black people gain access to favorable rates, terms, and properties.

The post 50 Year Anniversary of the Fair Housing Act and There’s Still a Racial Homeowners Gap appeared first on Black Enterprise.

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50 Year Anniversary of the Fair Housing Act and There’s Still a Racial Homeowners Gap

This year marks the 50th year anniversary of the Fair Housing Act. On April 11, 1968, a week after the passing of famed civil rights leader Rev. Dr. Martin Luther King Jr., President Lyndon Johnson approved Title VIII of the Civil Rights Act of 1968 — also known as the Fair Housing Act,.

The Fair Housing Act outlawed discrimination concerning the sale, rental, and financing to any person because of race, color, sex, religion, or national origin. This groundbreaking legislation eliminated legal barriers that prevented blacks from participating in homeownership.

Home ownership has been a vehicle for many to increase their financial security, develop communities, and transfer a piece of wealth to future generations. In an article on Nareb.com — National Association of Real Estate Brokers (NAREB) — Ron Cooper, shared his insights on the power of homeownership.

“Homeownership is the number one way for African Americans to build wealth,” he said. “There are so many other things tied to it.”

Unfortunately, many black people still lag behind white people in the homeownership goal. Although more members of the black community have been given access to homeownership because of the Fair Housing Act, reports show that 41% of blacks own homes compared to 71.3% of whites, according to 2016 U.S. Census data. The rate of black homeownership has declined since 2004 when approximately 49% of blacks owned homes.

Reasons for the Housing Gap  

What’s causing the housing gap and decline in homeownership rates for black people today? Loan fees, credit scores, limited savings, down payment requirements, and results of the 2008 financial crisis are some of the barriers preventing the growth of black homeownership today. According to the 2018 State of Housing in Black America (SHIBA) report commissioned by NAREB, there is a hidden tax on black home buyers, making it more costly for blacks to participate in homeownership. NAREB explores how Government Sponsored Enterprise (GSE) housing lending companies such as Fanni Mae and Freddie Mac charge low to moderate income households excessive fees due to a fear of loan default.

The Impact of Segregation Despite Fair Housing Act 

The SHIBA report notes that in the 10 cities with the largest black populations, segregation remains extremely high. Neighborhood segregation has a negative impact on housing appreciation for blacks populations. Homes in African American neighborhoods have lower property values, suffering from discriminatory impacts of redlining outlawed decades ago. A study published by online real estate database company Zillow, shows the impact color coding African American neighborhoods red — as most “hazardous” for lending — in the 1930s impacts housing values today. “The median home value in neighborhoods labeled “best” has risen 230.8% to $ 640,238 over the past 22 years, whereas the median value in the areas rated “hazardous” has climbed only 203.1%, to $ 276,199.

Solutions to Build Homeownership Rates  

Although blacks have celebrated many victories over the last 50 years in pursuit of equality and fair practices in housing, there is still more work to be done. Increasing the level of loan applications, loan originations, and homeownership sustainability will be a step in the right direction, according to NAREB.

If you’re thinking about buying a house, it’s important to consult with a realtor and financial professional to educate you on the process. Don’t walk the journey alone. In order to move beyond years of discrimination and limited access, you have to be equipped with the right tools to succeed. Education and preparation is key to moving the needle on housing in black America and will ensure that more black people gain access to favorable rates, terms, and properties.

The post 50 Year Anniversary of the Fair Housing Act and There’s Still a Racial Homeowners Gap appeared first on Black Enterprise.

Money | Black Enterprise

FASHION DEAL UPDATE:

Shop select Free People sale and clearance items at Bloomingdales.com!

Bikkembergs Celebrates 30th Anniversary With Capsule

MILAN — The Bikkembergs men’s wear label is celebrating its 30th anniversary with the launch of a capsule collection.
Called “30,” it includes 13 pieces combining luxury sportswear and urban streetwear. Defined by the Bikkembergs logo combined with two bands, one green and one red, the designs span from hoodies, T-shirts, polos, trousers and basketball pants to accessories, such as sneakers, bags, backpacks, slides, textile items and underwear.
The “30” collection will be launched with an online media campaign starring popular Italian rapper Emis Killa.
“We wanted to bring new ideas into the Bikkembergs world, without betraying our sporty DNA,” said Bikkembergs creative director Lee Wood. “Realizing this capsule collection, which mixes streetwear and music, has been highly stimulating. Emis Killa, with his strong and dynamic image, is the right testimonial for this project.”
The capsule, which inaugurates the company’s new distribution strategy based on different seasonal drops, will be available for pre-order online at Bikkembergs’ e-commerce Nov. 13–30 and will hit the stores at the end of April.
“This commercial strategy fits the needs of a market which is faster and faster and reflects the company’s strategy aimed at establishing a continuous dialogue with its customers,” said Bikkembergs chief operating officer Dario Predonzan.
The Bikkembergs

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Colton Haynes’ 1-Year Wedding Anniversary Tribute to Jeff Leatham Will Make You Swoon

Colton Haynes, Jeff LeathamColton Haynes looks like he hit the bullseye with Cupid’s arrow on his 1-year wedding anniversary to Jeff Leatham.
Haynes and Leatham posted moving tributes to each other on Instagram…

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Joanna Gaines Pens Sweet Thank You to Husband Chip on 15th Anniversary of Founding Magnolia

Joanna Gaines is feeling thankful for her husband!

The Fixer Upper star took to Instagram to share a sweet message to Chip and thank him for staying by her side through the last fifteen years as they pursued their dream of growing their company, Magnolia, together.

“It all started with a dream that I jotted down on a legal pad back in 2003,” Gaines writes. “Thank you Chip Carter for helping me turn what was on that piece of paper into a reality. These last fifteen years have been equal parts scary and exciting and there’s no one else I’d rather by my side than you.”

RELATED: Joanna Gaines is Feeling ‘Thankful’ and ‘Vulnerable’ as She Finishes Long-Awaited Design Book


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It all started with a dream that I jotted down on a legal pad back in 2003. Thank you Chip Carter for helping me turn what was on that piece of paper into a reality. These last fifteen years have been equal parts scary and exciting and there’s no one else I’d rather by my side than you @chipgaines ❤

A post shared by Joanna Stevens Gaines (@joannagaines) on Oct 22, 2018 at 12:24pm PDT

//www.instagram.com/embed.js

Over the weekend, the lovebirds held their annual “Silobration” in Waco, Texas, where the town comes out to their Magnolia Market at the Silos compound to enjoy a vendor fair, food trucks, and live music. Ahead of the festivities, Joanna was feeling a little sentimental about Magnolia’s 15th anniversary, and posted a series of throwback photos of her and Chip to commemorate the milestone anniversary of their company.

WATCH THIS: Chip and Joanna Gaines’ Cutest Moments

 


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15 years ago… Happy Anniversary Magnolia! A few things I want to call out from these photos: Red lipstick. The vase on the counter- I remember I stenciled the words “imagine” and “dream” on these glass jugs I we bought for a buck each at a garage sale. They were my best seller that season. 😂 The sign on the building was what @chipgaines surprised me with when we found out we couldn’t afford a real sign. He always saves the day. This was also the year that the phrase “Live Laugh & Love” was at its peak in popularity. And my biggest regret was selling that large antique counter in photo #3. I still think about that thing. I have zero regrets though about stepping out and just going for it- this shop, this business, it has our hearts. We are so thankful and this is why we SILOBRATE! Thank you to everyone who has supported us over the years, we wouldn’t be here without you❤#silobration @magnolia

A post shared by Joanna Stevens Gaines (@joannagaines) on Oct 20, 2018 at 11:17am PDT

//www.instagram.com/embed.js

“15 years ago… Happy Anniversary Magnolia!” she wrote, before calling out a few things from the pictures, taken during their first year in business, including her bright red lipstick, and a vase on the counter. “I remember I stenciled the words ‘imagine’ and ‘dream’ on these glass jugs we bought for a buck each at a garage sale. They were my best seller that season.”

“The sign on the building was what @chipgaines surprised me with when we found out we couldn’t afford a real sign,” Joanna wrote, referring to the DIY “Magnolia” sign that sat atop their first storefront. “He always saves the day.”

RELATED: Toddler Best Friends Dress Up as Chip and Joanna Gaines in the Most Adorable Halloween Costume

In the photo gallery, Gaines also shared her “biggest regret,” selling a large antique counter. “I still think about that thing,” she wrote.

“I have zero regrets though about stepping out and just going for it—this shop, this business, it has our hearts,” she continued. “We are so thankful and this is why we SILOBRATE! Thank you to everyone who has supported us over the years, we wouldn’t be here without you.”


PEOPLE.com

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Country music stars like Jason Aldean, Jake Owen mark year anniversary of Las Vegas shooting

Country music stars took to social media Monday to honor the one-year anniversary of the Las Vegas mass shooting that claimed the lives of 58 fans who’d turned out to celebrate the annual Route 91 Harvest Festival.

Singer Jason Aldean was on stage closing down the festival when the perpetrator…

/entertainment – New York Daily News

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