UnidosUS Comments on the Proposed Definitions of Colonia Census Tracts to Expand Latino Homeownership
UnidosUS, addresses the Federal Housing Finance Agency’s (FHFA) Notice of Proposed Rulemaking on Enterprise Duty to Serve Underserved Markets Amendments.
UnidosUS supports the proposed definition and use of “Colonia census tracts” to target efforts by Fannie Mae and Freddie Mac to meet the credit needs of high-poverty rural areas, predominantly occupied by young low-income Latino families. The approach has several advantages, including providing a balanced and standardized approach to identifying underserved areas and aligning with other high-needs measurements for analysis. Supporting homeownership in Colonias is essential to increasing Latino homeownership, as it addresses the unique challenges faced by this community and promotes financial inclusion and equitable access to credit.
