Helping Black households exchange leases for mortgages the goal of House bill

About three out of four Black households rent. The reverse is true for white households.

HF918 intends to close this racial gap in homeownership.

“Owning a home addresses the need of safe, secure and dignified housing,” said Rep. Esther Agbaje (DFL-Mpls), the bill sponsor. “We know it leads to improvements in education, economic stability and health.”

Held over Wednesday by the House Housing Finance and Policy Committee for possible omnibus bill inclusion, the bill seeks to increase homeownership opportunities for underserved communities of color with a onetime $10 million appropriation in fiscal year 2024 to Build Wealth Minnesota.

Additionally, the bill would quadruple the organization’s fiscal year 2023

Brosius

From 4 appropriation from $500,000 to $2 million for a family stabilization plan program. Costs could cover budget and debt counseling, outreach and financial literacy education.

We have been working to help families get comprehensive financial education and build wealth through homeownership, said executive director David McGee.

Rochelle Washington, a first-generation homeowner, joined the program to help with her credit score, then at 545.

“Now I am proud to say I that I have a credit score of 791,” she said.

A recipient of Section 8 housing vouchers for over 20 years, Washington said the program saved her from being homeless and she has happily resided in her own home for more than a year.

The nonprofit’s 9000 Equities fund would attempt to reduce the wealth equity and homeownership gap between accomplished in his remarkable career, says Board Chair Silvia Perez. “Peter’s legacy in theatre for young audiences is unparalleled impacting arts at a local, national and international level, but even more impressive liquidity risk.

Liquidity risk

Liquidity risk is the risk that a bank won’t be able to meet its obligations when they come due without incurring losses.

Black and white households by 15% in the Twin Cities metropolitan area and finance 9,000 new homeowners over five to seven years.

A targeted loan pool would offer affordable first mortgages or equivalent financing opportunities.

Rep. Brian Johnson (R-Cambridge) believes the targeted bill is not equal because it would single out the Black community while “leaving out everybody else in the state of Minnesota.” is his positive imprint in millions of minds exposed to his work at CTC.”

If there’s a program that improves homeownership in the Black community, I don’t understand how that becomes a problem, said Rep. Hodan Hassan (DFL-Mpls).

When there is a fire in one home, we don’t wait until everyone else catches fire to put it out, she said while noting the bill specifies “underserved communities of color,” not exclusively the Black community.

Managing Director Kimberly Motes states “Peter Brosius’ passionate pursuit of CTC’s mission has led to without realizing any loss. The unrealized loss stays hidden on the bank’s balance sheet and disappears over time.

$1.8 billion. The drain on equity capital led the lender to try to raise over $2 billion in new capital. The call to raise equity sent shockwaves to SVB’s customers, who were losing confidence in the bank and rushed to withdraw cash.

But if the owner has to sell the security before its maturity at a time when the market value is lower than face value, the unrealized loss becomes an actual loss.

That’s exactly what SVB had to do earlier this year as its customers, dealing with their own cash shortfalls, began withdrawing their deposits – while even higher interest rates were expected. This bring us to

For example, if you spend US$150,000 of your savings to buy a house and down the road you need some or all of that money to deal with another emergency, you’re experiencing a consequence of liquidity risk. A large chunk of your money is now tied up in the house, which is not easily exchangeable for cash.

Customers of SVB were withdrawing their deposits beyond what it could pay using its cash reserves, and so to help meet its obligations the bank decided to sell $21 billion of its securities portfolio at a loss of

A bank run like this can cause even a healthy bank to go bankrupt in a matter days, especially now in the digital age.

In part this is because many of SVB’s customers had deposits well above the $250,000 insured by the Federal Deposit Insurance Corp. – and so they knew their money might not be safe if the bank were to fail. Roughly 88% of deposits at SVB were uninsured.

Signature faced a similar problem, as SVB’s collapse prompted many of its customers to withdraw their photo/Andrew VonBank exceptional productions filled with excellence and heart, innovative educational and community programming, and a drive to ensure that every child and family have the opportunity to participate, belong, and create deposits out of a similar concern over liquidity risk. About 90% of its deposits were uninsured.

Rochelle Washington testifies before House lawmakers March 8 in support of a bill sponsored by Rep. Esther Agbaje, right, to provide a fund to increase homeownership opportunities in underserved communities.

Systemic risk?

All banks face interest rate risk today on some of their holdings because of the Fed’s rate-hiking campaign.

This has resulted in $620 billion in unrealized losses on bank balance sheets as of December 2022. But most banks are unlikely to have significant liquidity risk. While SVB and Signature were complying with regulatory requirements, the composition of their assets was not in line with industry averages. Signature had just over 5% of its assets in cash and SVB had 7%, compared with the industry average at CTC. Peter’s dedication, boundless energy, and enormous vision is inspiring. It has been such a joy to work alongside him the last seven years to advance this powerful and important mission.” of 13%. In addition, SVB’s 55% of assets in fixed-income securities compares with the industry average of 24%.

The U.S. government’s decision to backstop all deposits of SVB and Signature regardless of their size should make it less likely that banks with less cash and more securities on their books will face a liquidity shortfall because of massive withdrawals driven by sudden panic.

However, with over $1 trillion of bank deposits currently uninsured, I believe that the banking crisis is far from over.

Vidhura S Tennekoon is an Assistant Professor of Economics at the Indiana University Purdue University Indianapolis. Vidhura earned his BSc degree in Engineering from the University of Peradeniya and an MBA from the University of Colombo in Sri Lanka where he is originally from. He earned an MSc degree in Economics and Econometrics with Distinction from the University of Nottingham, UK. During 2008 to 2012, Vidhura attended Washington State University and received a PhD in economics. Before joining IUPUI in 2014, Vidhura worked at the Departments of Economics of the University of Oklahoma and Eastern Washington University where he taught several undergraduate and graduate economics courses. He also has professional experience as a central banker. The article appeared originally on The Conversation and is republished under a Creative Commons license.

The CTC Board of Directors has hired Management Consultants for the Arts to conduct the search for the next Artistic Director who will begin on July 1, 2024.

ENOUGH.

What is the message we send to the world about sports in one of the most economically advanced democratic countries in the world when women athletes are paid so much less than men that they must hire out labor out overseas to survive?

While today’s professional men athletes receive multiple year contracts worth millions AND can expect to get paid handsomely for sponsoring products (Dairy Queen, Subway—to name a few businesses that immediately come to mind), women rarely appear in such marketing endorsement, and when they do, their compensation is far less than the men on the same commercials.

No Joke, the Numbers Speak for Themselves

If you take Griner’s salary of $165,000 and add more zeros, the gender pay disparities are startling and jump out at you.

According to Hoop Salaries (NBA Salaries | HoopsHype ) by teams, men basketball players presently earn 1000 (yep one thousand) times more than Griner will make this year. They also are guaranteed multiple year contracts, whereas she has only a guarantee of one year!

Where isthe decency and equality in this fact?

Moreover, many athletes earn beyond these reported salaries with endorsements and sponsorships rarely available for Black women in particular. But these outside jobs increasingly come with accountability.

What I consider to be Griner’s inadequate athletic compensation stems from cultural beliefs and practices rooted in America’s history of enslaving Black people, the abuse of women in general and especially Black women, and this country’s historic annihilation of Indigenous people.

These racialized and gendered practices are historic and emanate from White Supremacy undergirded by patriarchal, male-centered beliefs that non-white people are subhuman and that women, who gave birth to them, are “the weaker sex” and “secondclass citizens.”

In effect, the inequality that exists today formally and informally, in individual behavior, in historic laws, and institutional policies and practices, are based upon a flaw logic that white men are superior to anyone who walks this earth. This fallacy is at the heart of the race concept, the practices of racism, sexism, White Supremacy, Jim Crow, segregation, anti-Blackness, anti-Black police violence, and more. All were created to ensure the sustainability of these beliefs.

America Owes Brittney Griner Griner does not have cushy reserves from billiondollar endorsements like professional athletes. She is not Stephen Curry, Michael Jordan, or LeBron James, and certainly not SKanye once had –and lost. . The path for Black women athletes has been a troubled one. They have had to endure body and hair shaming. Links to article about Rutgers basketball players For sure, Griner deserves “hazard pay” from the United States government. After all, her case got caught in a global political chess game between Russia, the United States, and the Ukraine war.

To me, it seemed that U.S. Department of State highjacked Griner’s case in order to gain the release of Paul Whelan, imprisoned for espionage, after they had botched his release in an earlier exchange. (hyperlink) While the spotlight on Griner opened up new possibilities for America to redeem itself in the Whelan case—it also exposed the reality of a Black person’s story once again being decentered and sacrificed to save a white person. History repeats itself.

Much Deserved Honor for Griner: NAACP Image Award Accolades Griner’s appearance (sans her signature dreadlock and with wife Cheryl) at the NAACP ((https://www. theroot.com/brittney-cherellegriner-make-emotionalappearance-at-1850163383), speaks to how her story has inspired so many nationally and globally. The moving standing ovation she received from the star-studded audience was well deserved. Largely, because Griner has not positioned herself not as a victim, but as a champion and voice for other Americans wrongfully detained (https://www.npr. org/2023/02/26/1159587297/ brittney-griner-naacp-imageawards-wrongful-detentions ). Given the road she has chosen—to be a voice for the voiceless—Griner deserves compensation.

But this is not the only battle she needs to must fight; she has to use her voice and experiences to bring attention to the urgent need for gender pay equality in sports and that should be in the forefront. It is long overdue.

©2023 Irma McClaurin Irma McClaurin (https://linktr.ee/dr.irma / https://twitter.com/ mcclaurintweets) is Insight News’ Culture and Education Editor, a columnist, and a commentator on “The Conversation With Al McFarlane” (https://bit.ly/ TCWAM). A past president of Shaw University and former Associate VP at the University of Minnesota and founding ED of UROC, this activist anthropologist was named “Best in the Nation Columnist” by the Black Press of America in 2015. She is a recipient of the 2021 American

Anthropological Association’s

Engaged Anthropology Award and is an award-winning writer as well as a former Fulbright Specialist. A collection of her columns, JustSpeak: Reflections on Race, Culture & Politics in America, is forthcoming in 2023 and she is working on a book-length manuscript entitled “Lifting Zora Neale Hurston from the Shadows of Anthropology.

612.377.2224 guthrietheater.org

Born With Teeth

by LIZ DUFFY ADAMS directed by ROB MELROSE

Now – April 2

Tickets start at $20 for select performances.

A quick-witted faceoff Fresh from its critically acclaimed world premiere at the Alley Theatre, Born With Teeth cleverly imagines a backbar meeting between two writing greats: Kit Marlowe and William Shakespeare.