Are banks justified (legally and/or morally) in encouraging Investors to purchase bank-owned real estate in Black communities? Mortgage Relief information litter print and online media. You’ve seen foreclosure prevention messages such as Homeowner Help is Available; Act Today; Keep Your Home; and @TheJusticeDept announces $470M Settlement to 49 states…
The Black Community not being monolithic in any social or economic condition is often the targeted “economically disadvantaged”. For the black community, interest rates are higher for auto loans, home mortgage applications are rejected at higher rates, and routinely jobs are denied based on personal credit history. When relief is available, it seldom flows down into the hands of victims of predatory lending and other practices of unscrupulous wealth merchants.
Kent County Delaware Neighborhood Stabilization Program (NSP) objective states, “It is the goal of the Kent County NSP to stymie a potential decline of housing values, to stop neighborhood blight, and stimulate viable neighborhoods and to place households in these properties that are 50% and 120% of the County’s median income. Every effort will be made to ensure that the Kent County NSP activities in conjunction with our partners, are at a concentration to make a long-term positive impact in the targeted neighborhoods. ” Kent County Delaware Median household income, 2009-2013 $55,149 (100%); which makes NSP eligible household income range from $27,575 (50%) to $66,179 (120%).
Delaware like many states is recipient of settlement funds from the mortgage foreclosure crisis. Rather than wholesale bailout or provide relief to consumers who lost homes due to foreclosure, Delaware instead has used a significant amount of settlement funds to balance the State budget. Now there is $29 Million in mortgage-related settlement funds that a coalition of consumer advocacy groups (16 nonprofit housing organizations) are challenging the Delaware general assembly to use the money to resolve the purpose for which settlement funds were generated – curing the housing crisis. “The money was intended for housing to begin with,” said Patricia Kelleher, executive director of the Delaware Housing Coalition. In 3 years, Delaware foreclosures are in the thousands. In 2014, foreclosure filings rose to 2,888 from 2,591 in 2013. In 2015 the number of foreclosure filings were down to 2,200.
#DefiningBlackCommuinty YOU CAN DEFINE SOMETHING THAT HAS MEANING. It imperative that the Black Community acts today by insisting that Delaware lawmakers use mortgage settlement funds to equitably address housing in historically Black communities throughout Delaware: City of Wilmington 19801 & 19802 zip codes, Belvedere, Star Hill, Belltown, West Rehoboth, Capitol Park, and the list goes on… A great resource to help Delaware’s most vulnerable citizens identify and contact state and local political representatives is https://ivote.de.gov
adj. 3. Constituting or acting as a single, often rigid, uniform whole.
American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2011 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.