News Roundup

  • How the Pandemic Has Affected Black Homeownership
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    US Census Bureau data show that despite record-low interest rates during the COVID-19 pandemic, the Black homeownership rate remained the same at the end of 2020 as it was during the same period in 2019. Meanwhile, the homeownership rate among white Americans increased. Black Americans have lost jobs at higher rates than white Americans, preventing them from building the same amount of wealth during the pandemic. “When employment improves and incomes improve, that’s when you start to see homeownership rates improve. The pandemic derailed that,” explained Daryl Fairweather, chief economist for Redfin, a national real estate brokerage.

  • The Pacific Northwest’s Heat Waves Endanger Unhoused People
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    Volunteers in Oregon rushed to distribute water, fans, and information about cooling shelters to people experiencing homelessness as temperatures reached 103 degrees Fahrenheit last week. According to Kim James, director of homeless and housing support for Cascadia Behavioral Healthcare, people experiencing homelessness can be reluctant to go to cooling shelters, so relief efforts are especially important. Oregon governor Kate Brown declared a state of emergency, and city and county governments extended public library hours and waived bus fares for those headed to cooling centers.

  • How Mom and Pop Landlords Are Struggling under the Eviction Ban
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    In the wake of recent pandemic responses, mom and pop landlords—owners of fewer than 10 properties—are struggling financially. They supply about half the country’ housing stock and are more likely to have tenants with lower incomes who fell behind on their rent during the pandemic. Most of these landlords haven’t received federal rental aid that was intended to keep them afloat during the eviction moratorium, and some say they may never recover the money they’ve lost. “The majority of rental housing in most major cities is provided by individuals,” said Dean Hunter, CEO of the Small Multifamily Owners Association. “The problem is in this case the government regulated individuals as if they are multinational organizations.”

  • Raleigh Developer Works with HBCU to Create Affordable Housing
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    James Montague, a southeast Raleigh developer, is partnering with a local historically Black university (HBCU), St. Augustine’s University, to create affordable housing in the area. The new development will have commercial space at the bottom and affordable apartments above, adding potential jobs to the area as well. The HBCU reached out to Montague to help create the development to demonstrate the critical role schools play in enhancing the community, especially for students, small business owners and future tenants. “It’s just a need. A lot of times we’re overlooked for opportunities. And it’s up to people like myself who’s been blessed to do development,” explained Montague.