A hundred years ago, an unfathomable hate crime occurred in Tulsa, Oklahoma that resulted in the deaths of an estimated 300 black Americans while about 10,000 were left to their own devices on the streets.
To mark the centenary of the Tulsa Race massacre – a violent attack by a white racist mob against the black community of Greenwood – the Biden Harris administration announced plans to “narrow the racial wealth gap and reinvest in communities left behind by failed policies”.
“The appalling acts of violence and property destruction that occurred 100 years ago in Tulsa, and the ensuing public and private policies that thwarted Black Wall Street’s recovery, illustrate why America is now a racist inequality in prosperity,” said National Association of REALTORS® (NAR) President Charlie Oppler in a statement.
“We commend the Biden government for their commitment to filling the void, particularly by focusing on the intergenerational wealth creation opportunities that real estate and home ownership offer,” he added.
The aftermath of “Black Wall Street” fueled deeply ingrained racism through laws and policies that exacerbated racial inequality and bared Black Tulsans from home ownership and access to credit.
Now the government is focusing on home and business ownership in communities of color and disadvantaged communities, saying it will address racial discrimination that affects black households.
The administration will first launch a cross-agency effort to address inequality in home valuation, as well as introduce several financial incentives and programs to address wealth inequality in colored communities.
This will include a $ 10 billion community revitalization fund that will support community-led infrastructure projects, as well as $ 15 billion in grants and assistance in removing and replacing the transportation infrastructure that is currently a barrier to community connectivity.
“NAR is particularly encouraged by the administration’s recent efforts to address injustices in the home appraisal process and we support a thorough review of the current appraisal system with public and private stakeholders,” said Oppler.
“We look forward to working with the White House and HUD on other upcoming rulebooks aimed at more effectively addressing housing discrimination and redeeming the legacy of segregation in residential areas,” he added.
In addition, the Biden-Harris administration announced a neighborhood home tax credit that will aid in the development and redevelopment of affordable homes for homebuyers and low- and middle-income homeowners.
Another grant, the Unlocking Possibilities program, will provide US $ 5 billion in funding to jurisdictions that will help remove or reduce barriers to affordable housing and expand housing options for low- and middle-income people.
These steps agree Biden’s Memorandum, published in January 2021, which directed the Department of Housing Urban Development (HUD) to conduct an investigation into recent government actions to determine whether they are effective in eradicating systemic racism.
“We can’t just choose to learn what we want to know rather than what we should know. We should know the good, the bad, all. This is what great nations do, “Biden said, adding that the federal government” needs to “recognize the role it has played in robbing black communities of wealth and opportunity.”
This is a developing story. Stay tuned to RISMedia for more information.
Liz Dominguez is the online senior editor for RISMedia. Email her your real estate news ideas at [email protected].