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As Congress advances the biggest housing investments in decades and the Biden administration focuses more attention on housing issues, one policy matter should top the agenda: closing the racial homeownership gap. This persistent disparity not only limits the opportunity for individuals and families to build wealth; it also deprives our nation the opportunity for more robust economic growth.
Our country is making great strides in defeating COVID-19, but the pandemic's long-term fallout will be devastating for minority homeownership if we do nothing to counteract it. The policy reforms discussed here represent proactive steps to reverse trends that will only worsen if matters are allowed to run their course. We must act now to mitigate past harms exacerbated by a pandemic and unlock the benefits of homeownership for more Americans.