WASHINGTON (December 9, 2021) – National Association of Realtors® President Leslie Rouda Smith issued the following statement after the Department of Housing and Urban Development (HUD) announced on Tuesday that lending programs known as Special Purpose Credit Programs (SPCPs) further the goals of the Fair Housing Act:
"The National Association of Realtors® is committed to eliminating the racial homeownership gap, which today stands at nearly 30 percentage points between Black and White Americans. Special Purpose Credit Programs are an innovative approach to addressing a problem that has persisted for decades. We look forward to learning more about these programs and how they can potentially benefit homebuyers around the country. Realtors® applaud HUD for its efforts to help Americans of every background build wealth through homeownership."
SPCPs allow lenders to create special lending programs that focus on a particular group in order to remediate for past discrimination. Authorized already under the Equal Credit Opportunity Act and utilized by the Department of Justice in resolution of cases of discrimination, HUD's opinion that such programs are also consistent with the Fair Housing Act may encourage lenders to explore SPCPs as a means of opening up credit opportunities to groups that have been historically shut out of the credit market.
The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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