Washington, D.C. – July 23, 2020 (nar.realtor) National Association of Realtors® President Vince Malta issued the following statement after the Department of Housing and Urban Development on Thursday unveiled its final rule implementing the “affirmatively furthering fair housing” provisions of the Federal Fair Housing Act. Following the administration’s initial proposal in January, NAR publicly commented that the changes threatened to strip away the rule’s original civil rights purpose, as mandated by the 1968 law.

“The National Association of Realtors® is disappointed that HUD has taken this step, which significantly weakens the federal government’s commitment to the goals of the Fair Housing Act,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, CA. “The viability of our 1.4 million members depends on the free, transparent and efficient transfer of property in this country, and NAR maintains that a strong, affirmative fair housing rule is vital to advancing our nation’s progress toward thriving and inclusive communities. With the pandemic’s disproportionate impact on people of color reminding us of the costs of the failure to address barriers to housing opportunity, NAR remains committed to ensuring no American is unfairly denied this fundamental right in the future.”

The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

Washington, D.C. – July 23, 2020 (nar.realtor) The National Association of Realtors® wrote(link is external) to House Financial Services Committee Chairwoman Maxine Waters and Ranking Member Patrick McHenry this week, relaying its commitment to ensure all Americans benefit equally from federal COVID-19 recovery provisions. 

“Following the Great Recession, people of color did not experience the same economic recovery as White Americans, [and] Black homeownership rates fell to levels not seen since the passage of the Fair Housing Act,” NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, CA, wrote. “If action is not taken now, we fear that history will repeat itself and the racial wealth gap will widen and threaten the overall prosperity of our nation.”

An examination of inequality in America, NAR contends, reveals that the racial wealth gap is primarily a housing wealth gap, with lower homeownership rates leaving an impact on minority communities that can last generations. African Americans lost nearly $200 billion in wealth between 2009 and 2012, largely due to homeownership losses.

In 2019, NAR worked with the Urban Institute and the National Association of Real Estate Brokers to develop a five-point framework to address the Black homeownership gap(link is external). Specifically, the plan calls on the nation to (1) advance policy solutions at the local level; (2) tackle housing supply constraints and affordability; (3) promote an equitable and accessible housing finance system; (4) provide further outreach and counseling initiatives for renters and mortgage-ready millennials; and (5) focus on sustainable homeownership and preservation initiatives. 

“Building the future begins with equal access to housing and opportunity for all,” Malta concluded. “All Americans deserve to reap these benefits that extend beyond housing – helping families afford higher education and transferring wealth to later generations. Let’s work together to make the American Dream work for everyone.”

The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.