Virtual

Affordable Housing: Access and Innovation

This event is postponed and will be rescheduled at a later date. For updates on this event, sign up here.

As America starts to emerge from the COVID-19 pandemic, it is clear that the last year and a half have fundamentally altered the nation’s infrastructure, housing stock, and urban centers. While recent data points to an influx in urban dwellers from the start of the pandemic, central business districts have a surplus of space and limited demand for office units due to shifting work-from-home policies and altered business models. At the same time, recent legislation from Washington, D.C., and widespread action from the business community to combat climate change are paving the way for new innovations, solutions, and opportunities to help America reimagine its urban centers – and in doing so, create more pathways for a new generation of homeownership for millennials, women, Black, and Latino communities.

Agenda

Presented by Clinton Global Initiative, Newrez, and Caliber Home Loans

Affordable Housing: Access and Innovation

As America starts to emerge from the COVID-19 pandemic, it is clear that the last year and a half have fundamentally altered the nation’s infrastructure, housing stock, and urban centers. While recent data points to an influx in urban dwellers from the start of the pandemic, central business districts have a surplus of space and limited demand for office units due to shifting work-from-home policies and altered business models. At the same time, recent legislation from Washington, D.C., and widespread action from the business community to combat climate change are paving the way for new innovations, solutions, and opportunities to help America reimagine its urban centers – and in doing so, create more pathways for a new generation of homeownership for millennials, women, Black, and Latino communities.

  • President Bill Clinton, 42nd President of the United States; Founder and Board Chair, Clinton Foundation (moderator)
  • Sanjiv Das, CEO, Newrez and Caliber Home Loans
  • Secretary Marcia L. Fudge, U.S. Department of Housing and Urban Development

 

Birmingham, Alabama: Community Revitalization and Affordable Housing

The COVID-19 pandemic exposed systemic challenges that many cities across the United States face when it comes to developing and rehabilitating affordable housing. At the same time, positive innovations are emerging to improve housing supply and access, and leading the way among southern cities is Birmingham, Alabama. Despite being ranked as one of the most affordable metro areas in the United States, rental and home costs are on the rise in Birmingham. To address this, the city has committed to reducing their unmet affordable housing needs by 50% by 2025 and revitalizing communities through partnerships with federal grant-makers, developers, and local organizations. By creatively developing mixed-use spaces that fuse commercial developments with residential offerings, utilizing non-traditional housing styles, and providing community members with information about housing opportunities, these partners are leading crucial efforts to address Birmingham’s affordable housing needs. This session will feature leaders who are transforming the affordable housing market in Birmingham and showcase methods that others can integrate in their own communities.

  • Randall Woodfin, Mayor, City of Birmingham
  • Lisa McCarroll, CEO, Navigate Affordable Housing Partners
  • Archie Hill, Director of Housing Development, Titusville Development Corporation
  • Bob Dickerson, Executive Director, Birmingham Business Resource Center

 

Pittsburgh, Pennsylvania: Economic Growth and Affordable Housing

The job market in Pittsburgh, Pennsylvania has shifted dramatically since the city’s days as an industrial hub. After spending 14 years recovering from the brink of bankruptcy, Pittsburgh officially lifted its financial distress status in 2018, as it became a hub for many technology companies on the East Coast and home to multiple leading medical centers. However, this change has come with a sharp rise in property values and rental prices — to levels which many Pittsburgh natives cannot afford — and has led to a shortage of over 17,000 affordable housing units. One of the focus areas is the city’s efforts to protect naturally occurring affordable housing – properties that are available at lower prices than the market rate without federal subsidies – to ensure that people do not become priced out of their own homes. This is coupled with an effort to decrease displacement by supporting moderate- and low-income families to stay in their homes, and potentially become homeowners. This session will feature local leaders and experts on Pittsburgh’s affordable housing market to discuss the challenges they face and successful models that can be expanded and replicated.

  • Ann Wright, CREATE Lab at Carnegie Mellon University – Opening Remarks
  • Dr. Diamonte Walker, Deputy Executive Director, Urban Redevelopment Authority, Pittsburgh
  • Kendall Pelling, Executive Director, Rising Tide Partners
  • Tammy Thompson, Executive Director, Catapult Greater Pittsburgh

 

Innovative Financing for Accessible Homeownership with Inclusiv

There is a widening gap when it comes to homeownership opportunities for Black and Latino households in the United States. According to the National Association of Realtors which examined trends from 2009 to 2019, the homeownership rate for Black Americans is 42%, almost 30% less than the rate for White Americans at 69.8%, and for Hispanic Americans and Latinos, the homeownership rate is 50%. Furthermore, Black, Hispanic, and Latino individuals that apply for mortgage loans are more likely to be rejected than White applicants and, if approved, are more likely to be offered high-cost loans, contributing to the low homeownership rate. To address this discrepancy, banks, credit unions, corporations, community development organizations, and others are creating innovative financing programs to increase homeownership rates for Black and Latino households and other historically underserved communities. This session will feature leaders who are creating new pathways to homeownership and will explore solutions, including alternative credit models, down payment assistance plans; better mortgage and loan opportunities through flexible capital and refinancing; new grants; and education and counseling initiatives for potential homebuyers.

Affordable Housing for a Warming America

Nearly 1 in 3 Americans lives in a county that has been impacted by a weather-related disaster in the last four months. As more Americans continue to grapple with the effects of a warming planet, the nation’s current housing stock, and especially our limited affordable housing stock, is ill-equipped to adapt to these increasingly intense natural disasters. For example, recent projections suggest that the number of affordable housing units exposed to flooding will triple by 2050. As we continue to combat the effects of climate change, strategies that bolster America’s affordable housing stock, create more resilient communities, and mitigate the impacts of natural disasters are more important than ever. In this plenary session, leaders from the frontlines of America’s climate and housing crises will outline their solutions and approaches to create more equitable, inclusive, and climate-resilient affordable housing in the United States.

  • President Bill Clinton, 42nd President of the United States; Founder and Board Chair, Clinton Foundation (moderator)
  • Zack Rosenburg, Co-Founder & CEO, SBP