Cleveland: Banks still don’t issue enough loans to prospective homebuyers in Black, poor areas of Cleveland, advocates say

Cleveland, November 13, Banks still don’t issue enough loans to prospective homebuyers in Black, poor areas of Cleveland, advocates say

Three Ohio-based banks vowed to do more to encourage more homeownership in many areas, including distressed, majority-Black parts of Cleveland and Cuyahoga County.

The trio of banks saw varying results here, with one of the banks vastly underperforming compared to the two, according to data compiled by a local housing advocate and researcher. In addition, top lenders still reject Black applicants for mortgage and home repair loans in the area at higher rates than white people, even when accounting for income.

Huntington, Fifth Third Bank and KeyBank negotiated with the National Community Reinvestment Coalition to create their community benefit agreements. The trio collectively committed to more than $60 billion in lending and investments to low- and moderate-income communities and communities of color in the markets they serve.

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Originally published by the National Community Reinvestment Coalition: Source

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