Housing: Action Agenda Priority
Equitable, Accessible, Affordable, and Secure Mortgage Financing and Refinancing
Account for additional needs and challenges faced by linguistically and culturally isolated populations in public investments: Include “linguistic and cultural isolation” as a priority in addition to geographic isolation in the HUD NOFA for housing counseling programs; Ensure adequate award allocations for additional counseling time required with Limited English Proficiency populations for services that include translation and family counseling; and establish concrete guidelines on value of organizations providing translation and outreach in AAPI and other LEP populations with respect to leveraged resources. Restore uniform, equitable access to mortgage financing options on Hawaiian Home Lands: Renegotiate the HUD MOU with the State of Hawaii, Department of Hawaiian Home Lands around Section 247 – Single Family Insured Mortgages on Hawaiian Home Lands restoring the LTV ratio from the current 75% to the standard 95%; and restoring the eligible uses of home equity to include debt consolidation, continuing education and home improvement and repair. Offer farmers financing for their homes and operations using an integrated approach with greater accountability of lenders to offer effective loss mitigation services: Ensure that guarantees by the Farm Service Agency (FSA) and Rural Development at USDA, and Small Business Administration (SBA) adequately expand access to credit, while also protecting farmers when they face financial difficulties in order to avoid foreclosure. Preventing foreclosure will not only help farmers, but will also save taxpayer money in the form of reduced payouts on loan guarantees. Included disaggregated data on AAPI borrowers in the Home Mortgage Disclosure Act (HMDA): HMDA race and ethnicity data should be expanded to include disaggregated AAPI data and language preferences of borrowers to better inform the areas of need for consumer education and protections.
Other Priorities (Not part of the Action Agenda)
Expand the Native Hawaiian Loan Guarantee (Sect. 184A). Preserve and expand funding for Housing Counseling Assistance back to the FY2010 level of $88 million. Address barriers to accessing affordable homeownership financing, such as income documentation, among independent contractors and the self employed. Increase support for Down Payment Assistance programs and expand eligibility threshold Create affordable mortgage products for extended families