Washington, DC – June 18, 2024 – Today, the Black Homeownership Collaborative, a coalition of more than 100 organizations and individuals, brought together national and local housing advocates, elected officials, and local leaders at the Armour J. Blackburn University Center at Howard University to recognize the third anniversary of its 3by30 initiative and to discuss strategies to increase Black homeownership in Washington, DC and across the country.
During a fireside chat with the National Housing Conference’s President and CEO David Dworkin, U.S. Department of Housing and Urban Development Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon discussed the actions HUD is taking to remove barriers to homeownership for individuals and families of color.
“At FHA, we are working to address the systemic barriers to homeownership that Black homebuyers face,” said Commissioner Gordon. “The 3×30 initiative and the conversations being had today are crucial to closing the homeownership gap and expanding the wealth-building potential of homeownership to more Black families.”
The Black Homeownership Collaborative is committed to creating 3 million net new Black homeowners by the end of 2030. Since its inception, the Black homeownership rate has increased from 44% when it launched in 2021 to 46.5% today. Conference speakers and panelists examined the role cities like Washington, DC can play in advancing Black homeownership. They explored intentional strategies and solutions, highlighting that the Black homeownership rate is around 52 percent, exceeding the national average by 8 percentage points.
“The disparity in Black homeownership rates underscores a historical and systemic inequity that demands urgent attention,” said Bryan Greene, co-chair of the Black Homeownership Collaborative and Vice President of Policy Advocacy at the National Association of REALTORS®. “The 3by30 initiative includes concrete, achievable, and quantifiable measures to reduce this disparity and enable homeownership for millions who were previously excluded.”
“The Black Homeownership Collaborative is dedicated to developing tools and resources, such as our revolutionary new mortgage calculator, to address the Black homeownership gap, ensuring that Black Americans have the support they need to achieve sustainable homeownership,” says Cy Richardson, co-chair of the Black Homeownership Collaborative and Senior Vice President for Programs at the National Urban League. “Increasing Black homeownership is vital for reclaiming economic power, fostering community resilience, and building a legacy of intergenerational wealth and opportunity.”
The 3by30 plan identifies a set of seven tangible, actionable, and scalable steps that will make it possible to increase Black homeownership by 3 million net new homeowners by 2030; an increase of more than 10 percentage points in the Black homeownership rate, bringing it to a level never previously attained. The seven steps are focused not only on bringing in new homeowners but also on sustaining existing homeowners.
“Closing the Black homeownership gap requires targeted efforts to overcome systemic obstacles,” says Dr. Courtney Johnson Rose, co-chair of the Black Homeownership Collaborative and president of the National Association of Real Estate Brokers. “Guided by the 3by30 initiative, the Black Homeownership Collaborative is committed to addressing these challenges head-on to ensure that Black Americans have equal opportunities to own homes, reclaim economic power, and contribute to the resilience and prosperity of their communities.”
The Black Homeownership Collaborative is led by a steering committee of executives from Hope Enterprise Corporation, the Mortgage Bankers Association, NAACP, National Association of REALTORS®, National Association of Real Estate Brokers, National Fair Housing Alliance, National Housing Conference, and the National Urban League, with research by the Urban Institute.
To learn more about the Black Homeownership Collaborative’s 3by30 initiative, visit www.3by30.org.
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About the National Housing Conference (NHC): Founded in 1931, the National Housing Conference is the oldest and broadest housing coalition in America. NHC is a diverse continuum of affordable housing stakeholders who convene and collaborate through dialogue, advocacy, research, and education, to develop equitable solutions that serve our common interest—an America where everyone is able to live in a quality, affordable home in a thriving community. Politically diverse and nonpartisan, NHC is a 501(c)3 nonprofit organization. To learn more about NHC, visit www.nhc.org.