HOME - Policy
Policy
Transform the federal policy environment and the policy environments in selected states to remove systemic barriers to increase Latino homeownership.
The Home Ownership Means Equity (HOME) initiative is dedicated to transforming the economic trajectory of Latinos by advancing systemic change to enable the creation of 4 million new Hispanic homeowners by 2030. Meeting this goal requires a bold policy agenda, expanding partnerships, deepening community outreach, and elevating the importance of Latino homeownership.
Federal Policy Agenda
Improve homebuyer readiness
Invest in programs to increase Latino homebuyer readiness
It’s up to Congress to increase funding for housing counseling programs and offset skyrocketing housings costs to help today’s renters become tomorrow’s homeowners and unlock the potential of Latino homeownership.
Expand access to credit
Eliminate barriers to credit access for Latinos to facilitate the home buying process
Without safe and affordable access to credit, most Latinos cannot afford to buy a home. But access to credit is not equal for everyone. Latinos often have high debt-to-income ratios, limited credit history, language barriers, and face discrimination that makes it harder for them to get loans. These challenges limit choices and opportunities in the housing market. To increase access to credit for Latinos, we need to expand creative lending options, promote fair lending practices, increase access to financial products, and overcome Latino– specific barriers to credit.
Increase housing supply
Promote policies and incentives that increase housing supply, especially for first-time homebuyers
Housing supply is a major issue that affects the affordability and availability of homes for Latinos. The current housing market is characterized by low inventory, high demand, and rising prices. This makes it harder for Latinos to find suitable homes that fit their needs and budgets. Increasing housing supply requires investing in new construction, preserving existing affordable units, supporting community development initiatives and overcoming restrictive zoning and land-use policies that limit the types and locations of homes that can be built.
Preserve homeownership for Latinos
Safeguard the generational wealth-building potential of homeownership
Owning a home is just the beginning for Latino families. They need support to keep their homes during hardships and to preserve their wealth. Factors like unemployment, foreclosure, and insufficient funds for maintenance can threaten their stability. To protect and build wealth for Latino homeowners, we need foreclosure prevention services, fair home valuations, and support for multigenerational wealth transfer. Public policies must also eliminate appraisal bias and facilitate the transfer of wealth across generations to ensure lasting homeownership and equity for Latinos.
