Over the past few years, mortgage industry participants have made great strides in efforts to help close the gap in minority homeownership. Nationwide initiatives, such as the MBA of America’s CONVERGENCE place-based initiatives, the NAREB Building Black Wealth Tour and the Hispanic Wealth Project, bring hope to both consumers and lenders. On October 2, 2024, the National Council of State Housing Agencies (NCSHA) recognized Affordable Housing Innovation Among State Housing Finance Agencies. Financial institutions have expanded their outreach activities and professional collaborations. Nonetheless, America is still faced with low inventory, uncertain interest rates, and cash-strapped homebuyers.

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