A YEAR IN REVIEW ADDRESSING THE RACIAL HOMEOWNERSHIP GAP NATIONAL ASSOCIATION OF REALTORS®

The National Association of REALTORS® (NAR) is a proud partner of the Black Homeownership Collaborative’s (BHC) 3by30 Initiative and remains committed to advancing Black homeownership. NAR understands the importance of working intentionally and strategically to address both the racial wealth and homeownership gaps that persists.

NAR’s work over the past year has primarily focused on educational awareness, financial literacy resources, and formal policy to robustly advocate in support of federal policy to advance homeownership, while also highlighting the local and state efforts to advance Black homeownership.

NAR will continue to work to advance Black homeownership and looks forward to working with industry partners and leaders to help make the dream of homeownership a reality for more families.

2023 Work And Initiatives

Over the past year, NAR has continued its work on several initiatives to better understand homeownership gaps and disparities and to work to advocate to advance Black homeownership by:

› Successfully advancing formal policy enabling NAR to support Special Purpose Credit Programs (SPCPs) and Federal Down Payment Assistance.

› Advocating in support of reconsideration for consumers where there are real property valuation concerns.

› Advocating in support of diversity within the appraisal profession and support for changing current appraisal qualifications to allow experience from parallel professions.

› Encouraging the Appraisal Foundation to require fair housing training for appraisal licensing and continuing education requirements.

› Supporting the Appraisal Diversity Initiative and NAR’s Spire Mentorship program to encourage greater diversity within the real estate industry broadly.

› Supporting the Government-Sponsored Enterprises (GSEs) Equity Plans.

› Supporting the GSEs’ Loan Level Price Adjustment Reductions.

› Encouraging the GSEs to adopt new credit score models and alternative data.

› Successfully advancing internal policy requiring all NAR leadership receive diversity, equity, inclusion, and fair housing training beginning in 2024.

› Successfully advancing internal policy implementing a new required fair housing training requirement every three years for all NAR members beginning in 2025.

› Submitting a comment letter in support of HUD’s Affirmatively Furthering Fair Housing (AFFH) rule.

› Signing a joint letter of support with real estate multicultural groups in support of the AFFH rule.

› Fully supporting an increased budget for fair housing testing and enforcement at HUD.

› Advocating in support of FHA’s reduction in Annual Mortgage Insurance Premiums (MIPs) by 30 basis points.

› Encouraging states to support Heir’s Property reform and minimum fair housing training requirements for licensure for real estate professionals.

› Releasing several research reports, including A Snapshot of Race and Homebuying in America; Home Buyers and Sellers Generational Trends, and Wealth Gains by Income and Racial/Ethnic Group

› Continual promotion of NAR’s Fair Housing Training Programs — Bias Override and Fairhaven and highlighting the efforts of members who are deemed Fair Housing Champions.

Media

› NAR Fair Housing Champions

› A Realtor’s meaningful calling to focus on affordable housing

by Income And Racial/Ethnic Group