Community Weekly Report 42

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COMMUNITY WEEKLY REPORT

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Volume 3, Edition 41

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Inspire, Inform & Educate

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October 20 - October 26, 2022

Page 2

Bank of America Offers

Zero Down Payment Mortgages To Black, Latino Borrowers

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Page 3 Study Finds Community College System Fails To Produce Equitable Outcomes for Black Students

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2 | October 20 - October 26, 2022

Community Weekly Report FINANCE

Bank of America Offers

Zero Down Payment Mortgages To Black, Latino Borrowers

By Stacy M. Brown NNPA Newswire Senior National Correspondent

B

ank of America announced a new zero down payment, zero closing cost mortgage solution for first-time homebuyers, which will be available in designated markets, including certain African American and Hispanic neighborhoods in Charlotte, Dallas, Detroit, Los Angeles, and Miami.

According to a news release, the Community Affordable Loan Solution aims to help eligible individuals and families obtain an affordable loan to purchase a home.

“The Community Affordable Loan Solution is a Special Purpose Credit Program which uses credit guidelines based on factors such as timely rent, utility bill, phone and auto insurance payments,” officials stated in the release.

“It requires no mortgage insurance or minimum credit score. Individual eligibility is based on income and home location.”

Prospective buyers must complete a homebuyer certification course provided by select Bank of America and HUD-approved housing counseling partners prior to application.

Officials said the new program is in addition to and complements Bank of America’s existing $15 billion Community Homeownership Commitment to offer affordable mortgages, industryleading grants, and educational opportunities to help 60,000 individuals and families purchase affordable homes by 2025.

Through this commitment, Bank of America has already helped more than 36,000 people and families become homeowners, having provided more than $9.5 billion in low down payment loans and over $350 million in non-repayable down payment and/or closing cost grants.

To date, two-thirds of the loans and grants made through the Community Homeownership Commitment have helped multicultural clients to achieve homeownership.

Bank of America also has a 26-year relationship with the Neighborhood Assistance Corporation of America (NACA), through which the Bank has committed to providing an additional $15 billion in mortgages to low-tomoderate income homebuyers through May 2027.

According to the National Associa-

tion of Realtors, today there is a nearly 30-percentage-point gap in homeownership between White and Black Americans; for Hispanic buyers, the gap is nearly 20 percent.

And the competitive housing market has made it even more difficult for potential homebuyers, especially people of color, to buy homes.

“Homeownership strengthens our communities and can help individuals and families to build wealth over time,” said AJ Barkley, head of neighborhood and community lending for Bank of America.

“Our Community Affordable Loan Solution will help make the dream of sustained homeownership attainable for more Black and Hispanic families, and it is part of our broader commitment to the communities that we serve.”

In addition to expanding access to credit and down payment assistance, Bank of America said it provides educational resources to help homebuyers navigate the homebuying process, including: • First-Time Homebuyer Online EduSeries, a five-part, easy-to-understand video roadmap for buying and financing a home, available in English and Spanish.

• ComFree financial education content, including videos about managing finances and how to prepare for buying a new home.

• Bank of America Down Payment Center– site to help homebuyers find state and local down payments and closing cost assistance programs in their area. Bank of America participates in more than 1,300 state and local down payment and closing cost assistance programs.

• Bank of America Real Estate Center– site to help homebuyers find properties with flags to identify properties that may qualify for Bank of America grant programs and Community Affordable Loan Solution™.

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Community Weekly Report

October 20 - October 26, 2022 | 3

EDUCATION & CAREER

Study Finds Community College System Fails To Produce Equitable Outcomes for Black Students

By Stacy M. Brown NNPA Newswire Senior National Correspondent

M

ore than one in three Black community college students are in poverty, and widespread inequality in community colleges deepened throughout the pandemic for Black students facing basic needs insecurity.

According to a new report from the Joint Center for Political and Economic Studies on the state of Black students at community colleges, an alarming 70 percent of Black students experienced food or housing insecurity or homelessness during the COVID-19 pandemic.

The report highlighted that while Black students remain disproportionately represented in community colleges, policy barriers prevent the system from producing equitable outcomes.

“Black workers are struggling to make ends meet during this health and economic crisis. Community colleges provide a path forward to ensure workforce readiness for all, but there are barriers holding back Black students from reaching their full potential,” Dr. Alex Camardelle, the director of workforce policy at the Joint Center, said in a news release.

“On average, Black students at community colleges experience lower graduation rates and earn tens of thousands of dollars less after graduation while having to take on more debt than their peers to pay for school,” Camardelle stated.

He noted that things should be different.

“With targeted basic needs support, child care, improved transfer pathway policies, and better evaluations of community college outcomes by race, our policymakers can do right by Black community college students,” Camardelle added.

“And the biggest takeaway of all — making community colleges tuition-free will benefit Black students the most.”

Joint Center researchers said basic needs insecurity is also closely associated with enrollment declines.

“While COVID-19 emergency funds authorized by Congress pushed community colleges to introduce more support for meeting students’ basic needs, barriers to accessing those supports remain,” study authors found.

For example, 68 percent of Black male students at community col-

leges experience basic needs insecurity.

Still, only 31 percent of those with needs accessed on-campus resources meant to connect students with aid because too few knew they were available or do not know how to apply, the researchers discovered.

Meanwhile, the authors concluded that Black student enrollment at community colleges has steadily declined over time and has dropped during the COVID-19 pandemic.

Among the chief findings: • From fall 2019 to fall 2021, enrollment fell 18 percent for all Black students and 23.5 percent and 15 percent for Black men and Black women, respectively.

• Black community college students experience the lowest graduation rates when compared to their peers of other races and ethnicities.

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• The gap between Black and white graduation rates more than doubled from a four-percentage point gap in 2007 to an 11-percentage point divide in 2020.

• The typical Black community college graduate earns $20,000 less per year than their classmates.

• White households with workers who hold a high school diploma earn $2,000 more than Black community college graduates.

• Over two-thirds (67 percent) of Black students borrowed money to pay for community college compared to 51, 36, and 30 percent of white, Hispanic, and Asian students, respectively.

Further, researchers found that Black community college graduates owe 123 percent of the original amount they borrowed 12 years after beginning their community college journey.

View the full report at jointcenter.org.

Source: National Newspaper Publishers Association (NNPA)

4 | October 20 - October 26, 2022

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