Biden Announces Actions to Address Racial Discrimination in Housing Market
President Biden on June 1 announced new steps to narrow the racial wealth gap and address racial discrimination in the housing market at a Tulsa, Okla. event commemorating the 100th anniversary of the race massacre that destroyed "Black Wall Street" in the once thriving Black community of Greenwood.
The administration announced it will launch a first-of-its-kind interagency effort to address inequity in home appraisals, and conduct rulemakings to aggressively combat housing discrimination.
The administration is also proposing a new Neighborhood Homes Tax Credit to attract private investment in the development and rehabilitation of affordable homes for low- and moderate-income home buyers and home owners. The tax credit would:
- Encourage investment in homes that cost more to redevelop than they can sell for on the open market.
- Bolster homeownership rates for low- and moderate-income home buyers in underserved communities, while protecting against gentrification.
- Incentivize ending exclusionary zoning and expanding housing choices.