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NFHA and MBA Launch Online Toolkit to Help Lenders Develop Special Purpose Credit Programs for Underserved Communities

The National Fair Housing Alliance (NFHA) and Mortgage Bankers Association (MBA) announced a new online toolkit for mortgage lenders interested in developing Special Purpose Credit Programs (SPCPs). SPCPs permit lenders to offer mortgage credit to economically and socially disadvantaged borrowers and are an important tool for ensuring financial institutions can meet the needs of their […]

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How People-Based Special Purpose Credit Programs Can Reduce the Racial Homeownership Gap

Rapid home price appreciation has built considerable wealth for homeowners, but it has made homeownership less attainable for first-time homebuyers. This concern is especially acute for Black households because the Black-white homeownership gap is as large today as it was before the passage of the Fair Housing Act. Read the full article here.

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How Place-Based Special Purpose Credit Programs Can Reduce the Racial Homeownership Gap

Special purpose credit programs (SPCPs)—which allow banks to offer credit on favorable terms to borrowers who have suffered economic disadvantage and share common characteristics (e.g., race or income)—could provide the kind of homeownership boost to Black communities today that the New Deal provided to white people in the 20th century. Read the full article here.

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Special Purpose Credit Programs Virtual Forum Overview

On September 1, 2021, the National Fair Housing Alliance (NFHA), in partnership with Urban Institute and the Mortgage Bankers Association (MBA), hosted a virtual forum on Special Purpose Credit Programs (SPCPs). This event was intended to provide the audience with an overview of SPCPs and a clear understanding of the barriers to credit access and […]

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Using Special Purpose Credit Programs to Expand Equality

Special Purpose Credit Programs (SPCPs) are made available by the Equal Credit Opportunity Act. Building more affordable housing is important, but much more must be done to advance credit equity. Our markets are structurally unfair and we need intentionality to effectively address the racial wealth and homeownership gaps. SPCPs are an important tool in expanding […]