What is Fair Housing and how does it impact first-time homebuyers?
April is Fair Housing Month – a time to not only commemorate the signing of the Fair Housing Act and recognize its impact on first-time homebuyers over the years but also an opportunity to understand the importance of developing innovative solutions to ensure fair and equitable housing for all communities now and in the future.
History
On April 4, 1968, Dr. Martin Luther King Jr. was tragically assassinated in Memphis while advocating for better living and working conditions for Black and POC communities. In response, President Lyndon B. Johnson signed the Fair Housing Act, which promoted equal access to housing opportunities and eliminated discriminatory practices affecting mostly minority homebuyers.
Impact
Under the Fair Housing Act of 1968 and the Tennessee Human Rights Act, it is illegal to discriminate based on one or more protected classes: race, color, national origin, religion, sex, familial status and disability. These laws aim to protect all homebuyers from predatory practices, like high interest rates or unfair loan terms, offer more opportunities for buyers to find a home without facing discrimination and promote more inclusive communities.
Unfortunately, the system is imperfect, and many individuals and families are still affected by inequities. For example, several limiting factors that disqualify marginalized communities from purchasing a home are disguised or perpetuated in underhanded ways, including redlining and gentrification. This is especially true in Memphis.
Solution
Organizations like United Housing and Convergence Memphis are committed to promoting fair housing solutions and helping first-time homebuyers find accessible, sustainable housing options. UHI’s programs, like Homebuyer Education, down payment assistance and affordable lending opportunities, are designed to help buyers successfully navigate their homeownership journey without falling victim to predatory lenders and discriminatory practices.
Let’s continue to work toward creating a better and brighter future for first-time homebuyers in our community this Fair Housing Month.
If you are a real estate professional, lender or bank and would like to partner with United Housing to support fair housing opportunities in Memphis and Shelby County, please reach out to Roni Hagy at rhagy@uhinc.org.