MBA tackles inequality in homeownership with new initiative
Launched by MBA and the Tennessee Development Agency in March 2020, CONVERGENCE Memphis works to increase home ownership for Black people in that city, officials said. Since its launch, CONVERGENCE Memphis has made significant progress in amplifying existing local resources, deploying additional national and state resources, and participating in a wide range of community activities, officials described.
Read more: Minority ownership gap – the sobering statistics
At the end of 2021, Convergence Memphis formed a new organization 501 (C) (3) (nicknamed Convergence Memphis Inc.) to strengthen links with the community in order to advance its mission to increase the home ownership of blacks, have noted officials.
For its part, Convergence Columbus – directed by MBA, the Ohio Housing Finance Agency and the John Glenn College of Public Affairs of Ohio State University – was launched in July 2021. It is also an intersectoral and of a multi-year initiative focused on increasing minority home ownership in Columbus.
This effort comes against a backdrop of heightened interest in achieving equity in homeownership. Industry data show that the home ownership rate of blacks has not only contracted in the past 50 years, but that the gap between the home ownership of white and black American is worse than it was before the Fair Housing Act of 1968, which was introduced to create equal housing opportunities for minorities.