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Biden Announces $100bn Investment In Minority Owned Businesses. Appraisals Are Now Racist
Posted on 6/1/21 at 12:03 pm
Posted on 6/1/21 at 12:03 pm
President Joe Biden on Tuesday announced plans to build black wealth and narrow the racial income gap ahead of a trip to Oklahoma to mark the 100th anniversary of the Tulsa Race Massacre.
Biden's plan focuses on two key creators of wealth: homeownership and small business ownership.
Under his proposal, the Department of Housing and Urban Development will propose new regulations 'to root out discrimination in the appraisal and homebuying process,' according to a White House fact sheet, in a bid to boost black home ownership.
The administration also is seeking to address disparities that result in black-owned homes being appraised at tens of thousands of dollars less than comparable homes owned by whites.
And the president vowed to use the power of federal contracts to invest $100 billion over five years into minority-owned businesses by increasing the share of federal contracts awarded to those businesses by 50% by 2026.
Additionally, under his American Jobs Plan that has yet to be passed by Congress, Biden has proposed giving $10 billion in grants to under served communities along with an additional $20 billion in grants for infrastructure and affordable housing.
LINK
Biden's plan focuses on two key creators of wealth: homeownership and small business ownership.
Under his proposal, the Department of Housing and Urban Development will propose new regulations 'to root out discrimination in the appraisal and homebuying process,' according to a White House fact sheet, in a bid to boost black home ownership.
The administration also is seeking to address disparities that result in black-owned homes being appraised at tens of thousands of dollars less than comparable homes owned by whites.
And the president vowed to use the power of federal contracts to invest $100 billion over five years into minority-owned businesses by increasing the share of federal contracts awarded to those businesses by 50% by 2026.
Additionally, under his American Jobs Plan that has yet to be passed by Congress, Biden has proposed giving $10 billion in grants to under served communities along with an additional $20 billion in grants for infrastructure and affordable housing.
LINK
40
Posted on 6/1/21 at 12:04 pm to 14&Counting
quote:
$10 billion in grants to under served communities
So the white communities are getting these funds?
Posted on 6/1/21 at 12:05 pm to 14&Counting
Providing federal funding based on race. Didn’t we enact a law against this in 1964?
Posted on 6/1/21 at 12:07 pm to 14&Counting
You can’t fix home values in black neighborhood. They are not worth much because nobody wants to live there . Liberals don’t pay 50K more for the same home in another neighborhood for no reason. They don’t want live with the blacks.
Posted on 6/1/21 at 12:07 pm to Boring
Lol. I did the appraisals game for a while, there’s a good reason values come in lower, on average. I guess we will just comp a house in the hood to a house in a nice lakefront neighborhood?
Posted on 6/1/21 at 12:08 pm to 14&Counting
quote:
The administration also is seeking to address disparities that result in black-owned homes being appraised at tens of thousands of dollars less than comparable homes owned by whites.
Who do they imagine these racist boogeymen appraisers are trying to “hurt” by this?
Posted on 6/1/21 at 12:08 pm to 14&Counting
quote:
The creation of an interagency initiative to address inequity in home appraisals, led by Secretary of Housing and Urban Development Marcia Fudge. “Homes and majority Black neighborhoods are often valued at tens of thousands of dollars less than comparable homes in similar, majority white communities,” the White House said. “This effort will seek to utilize, very quickly, the many levers at the federal government’s disposal ... to root out discrimination in the appraisal and home buying process.”
Awful. So where are lower income family’s going to buy homes? Artificially increasing appraisal values in undiserable neighborhoods will inflat home prices in nearby nicer neighborhoods. Appraisals are not done by race but “crime”. This policy will only create more homelessness and more condemned neighborhoods.
Posted on 6/1/21 at 12:10 pm to 14&Counting
quote:
Biden's plan focuses on two key creators of wealth: homeownership and small business ownership.
That was tried under Obama and it failed. And women were included in the business ownership start ups with govt backed loans. Three new coffee shops opened up here in Shreveport/Bossier owned by women. All 3 went under within 6 months because the girls had no idea what they were doing.
Posted on 6/1/21 at 12:10 pm to 14&Counting
This worked so well when Clinton did it
Posted on 6/1/21 at 12:12 pm to 14&Counting
Just so everyone is aware, a Democrat President meddling in the housing market is the root cause of the last housing bubble.
President Clinton Sucked
President Clinton Sucked
Posted on 6/1/21 at 12:13 pm to 14&Counting
quote:
to root out discrimination in the appraisal and homebuying process,'
How specifically is there discrimination?
I would love a moron like c on z to make up something
Posted on 6/1/21 at 12:15 pm to 14&Counting
So we're back to red-line violations. Can't wait for the housing market to bust again.
Posted on 6/1/21 at 12:16 pm to 14&Counting
Bush did the same thing.
Link to White House Press Brief (written, not a video)
LINK
The rate of homeownership in America now stands a record high of 68.4 percent. Yet there is room for improvement. The rate of homeownership amongst minorities is below 50 percent. And that's not right, and this country needs to do something about it. We need to -- (applause.) We need to close the minority homeownership gap in America so more citizens have the satisfaction and mobility that comes from owning your own home, from owning a piece of the future of America.
Last year I set a goal to add 5.5 million new minority homeowners in America by the end of the decade. That is an attainable goal; that is an essential goal. And we're making progress toward that goal. In the past 18 months, more than 1 million minority families have become homeowners. (Applause.) And there's more that we can do to achieve the goal. The law I sign today will help us build on this progress in a very practical way.
Many people are able to afford a monthly mortgage payment, but are unable to make the down payment. So this legislation will authorize $200 million per year in down payment assistance to at least 40,000 low-income families. These funds will help American families achieve their goals, and at the same time, strengthen our communities. And there's more to do, as well. We'll continue to pursue a broad agenda to help people own a home. There are three steps I want to describe to you right quickly about what we intend to do. First, those who apply for mortgages should be made aware of all the costs and warned about predatory lenders who take advantage of inexperienced buyers. So we've doubled the funds for housing counseling services, including those run by faith-based and community groups.
Link to White House Press Brief (written, not a video)
LINK
The rate of homeownership in America now stands a record high of 68.4 percent. Yet there is room for improvement. The rate of homeownership amongst minorities is below 50 percent. And that's not right, and this country needs to do something about it. We need to -- (applause.) We need to close the minority homeownership gap in America so more citizens have the satisfaction and mobility that comes from owning your own home, from owning a piece of the future of America.
Last year I set a goal to add 5.5 million new minority homeowners in America by the end of the decade. That is an attainable goal; that is an essential goal. And we're making progress toward that goal. In the past 18 months, more than 1 million minority families have become homeowners. (Applause.) And there's more that we can do to achieve the goal. The law I sign today will help us build on this progress in a very practical way.
Many people are able to afford a monthly mortgage payment, but are unable to make the down payment. So this legislation will authorize $200 million per year in down payment assistance to at least 40,000 low-income families. These funds will help American families achieve their goals, and at the same time, strengthen our communities. And there's more to do, as well. We'll continue to pursue a broad agenda to help people own a home. There are three steps I want to describe to you right quickly about what we intend to do. First, those who apply for mortgages should be made aware of all the costs and warned about predatory lenders who take advantage of inexperienced buyers. So we've doubled the funds for housing counseling services, including those run by faith-based and community groups.
This post was edited on 6/1/21 at 12:22 pm
Posted on 6/1/21 at 12:19 pm to 14&Counting
I’m having trouble understanding. All the appraisal will do is make it a bigger loan and more difficult to qualify for. Ultimately it doesn’t even matter what it appraises for until there is someone to buy it at that price that can afford the mortgage: I can definitely see some landlords swooping in and taking advantage though 
I just don’t understand how this helps low income communities.
I just don’t understand how this helps low income communities.
This post was edited on 6/1/21 at 12:21 pm
Posted on 6/1/21 at 12:19 pm to Eurocat
Trump even had similar proposals at the end of his admin.
Posted on 6/1/21 at 12:22 pm to Mo Jeaux
Yes he did.
Posted on 6/1/21 at 12:23 pm to 14&Counting
It seems like awarding contracts based on skin color might be, you know, illegal.
Posted on 6/1/21 at 12:24 pm to 14&Counting
Saw that earlier and thought, man, reparations is good! Hey, lookee lookee, Uncle Joe gonna make it all better.
Posted on 6/1/21 at 12:25 pm to tjv305
quote:
You can’t fix home values in black neighborhood. They are not worth much because nobody wants to live there . Liberals don’t pay 50K more for the same home in another neighborhood for no reason. They don’t want live with the blacks.
That's not true. They do like tearing those houses down to put in condos.
Posted on 6/1/21 at 12:29 pm to LSUSUPERSTAR
quote:
Just so everyone is aware, a Democrat President meddling in the housing market is the root cause of the last housing bubble.
Beat me to it. Offering loans to people that were obscene. You only pay a note that is 500 a month for one that requires 1000, no problem, we will just defer the other 500, with interest five years out. Five years out comes and you and a million others discover you live in a 150 grand house with a 200 grand nut and walk away and boom the market implodes making the house worth 100 grand and more walk away.
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