Affordable housing

If passed, the Affordable Housing Credit Improvement Act introduced last week could spur development of 2 million rental units for low- and moderate-income households over the next decade.

Rodney Hood, a board member and former chairman for the credit union regulator, was selected to fill a seat previously held by Todd Harper, who was recently appointed NCUA chairman.

The mortgage giants were authorized to give just over $1 billion combined to the National Housing Trust Fund and the Capital Magnet Fund this year, the highest contribution ever. The amount reflects refinancing growth in 2020.

Bank of America pledged to add $10 billion to an affordable homeownership program through 2025, tripling its initial commitment.

Though the pandemic recession has driven up the delinquency rate on Federal Housing Administration loans, the president's appointees are widely expected to reduce mortgage insurance premiums by at least 25 basis points to make home loans less expensive.

Sen. Sherrod Brown, D-Ohio, said elevating affordable housing issues, examining the financial system through a climate and racial justice "lens" and holding banks accountable for their impact on consumers will be among his priorities.

Citigroup is following up on a September promise to help these minority depository institutions finance as much as $50 million in affordable multifamily rental housing.

Fudge, who has served in the House since 2008, represents most of the majority-Black areas of Cleveland as well as part of Akron.

Default risks soar in minority neighborhoods during challenging economic times because, data shows, homes there are overpriced relative to incomes. Zoning and other changes could make loans more affordable by boosting housing stock and driving down prices.

The company says it plans to originate 40,000 mortgages for Black and Hispanic households and finance 100,000 affordable rental units over five years.