RC_LP_U_311.1 Underwriting Affordable Solutions

Owning a home means so much more than the purchase of a structure. In addition to the tax and financial benefits, there is a vast amount of data highlighting the many positive social aspects as well. A Harvard University study titled "The State of the Nation's Housing" states that homeownership strengthens communities and that children of homeowners do better in school than those that rent. Owning a home is the realization of the American Dream. For millions of people, the dream of homeownership became a reality as a result of public policy, the Community Reinvestment Act (CRA), fair housing laws, and improved affordable lending programs.

However, barriers to homeownership still exist. These include the need for down payment assistance, lack of understanding of the home buying process, weak credit histories, lack of supply of affordable housing, and trepidation to move from renting to ownership since the financial crisis. The Joint Center for Housing Studies found that the affordable housing gap grew as rising demand overwhelmed the supply of available housing for low-income populations. This gap continues to grow as unemployment and new construction starts remains low.

Underwriting Affordable Solutions addresses ways to overcome the barriers to homeownership through down payment and closing cost assistance, grants, individual development accounts, and other affordable lending initiatives.

This is a single-family/residential course.