WASHINGTON, D.C. – Recently, the United States Department of Housing and Urban Development withdrew Mortgagee Letter 2019-06, Downpayment Assistance and Operating in a Governmental Capacity, which limited a national housing financing agency, CBC Mortgage Agency (CBCMA), owned by a Native American band, from providing down payment assistance on mortgages insured by the Federal Housing Administration. In response, Bishop Harry R. Jackson, senior pastor of Maryland-based Hope Christian Church and an Evangelical advisor to President Trump, issued the following statement:
“Despite the U.S. economy being strong and interest rates being lower than ever, homeownership remains out of reach for many hard-working, credit-worthy individuals. African American and other minority borrowers have been disenfranchised more than others and are being denied the opportunity to build wealth by owning their own home. That is why it’s critical for our policymakers to carefully consider the full impact of their policies.
“I am very pleased that HUD withdrew its down payment assistance guidance that stripped CBCMA from providing down payment assistance through its Chenoa Fund. My church is partnering with CBCMA’s UHOUSI Initiative to make homeownership available to minority communities, and I have seen the benefits of their down payment assistance programs firsthand.
“CBCMA plays a crucial role in helping African American and other minority families achieve their version of the American dream. And they do so in a responsible way, providing borrowers with the resources and tools they need to succeed and maintain homeownership, including counseling and education. It is my hope that HUD keeps this important program in place and works with CBCMA to provide much-needed mortgage products and programs to minority families nationwide.”« HUD Officially Abandons New Rules for Down Payment Assistance on FHA Mortgages