Mar 15
2024
Solutions to Buffalo’s lagging mortgage lending to Blacks
Second in a series on the impact of lending practices on homeownership by Black residents in Erie and Niagara counties. The first story is here. Analysts and community leaders suggest a series of banking reforms aimed at increasing Black homeownership in Erie and Niagara counties. Ideas include expanding outreach efforts to underserved communities and retooling mortgage lending options by lowering interest rates for low-to-moderate income buyers and considering rent and bill payment history in lieu of credit history. “Potentially having those rates lowered and providing more ability for families that may not have higher income streams to have some subsidies[...]