The Department of Justice (“DOJ”) filed a complaint against the Washington Trust bank company located in Rhode Island. The DOJ stated that the bank violated fair lending laws by purposely not offering home loan services at its branches in black and Hispanic-dominated neighborhoods. Furthermore, the DOJ alleged that the bank knew about these racial disparities yet did nothing to change their policies or do more outreach. The Washington Trust bank agreed to a $9 million settlement with the ...
Tags:Black & Hispanic neighborhoods, complaint, Department of Justice, disparities, DOJ's Combatting Redlining Initiative, fair lending laws, home loan services, loan applications, outreach, racial discrimination, redlining, settlement
While the shelter populations have risen to unprecedented levels in New York City (“NYC”), NYC’s affordable housing options have decreased. On September 26, 2023, NYC Mayor Eric Adams announced the newest CityFHEPS rental assistance program expansion to address this issue. The CityFHEPS program extends its reach to housing units all across New York State, not just limited to the city. This expansion opens more space in the shelters for asylum seekers and increases stable housing for eligi...
New York, Dallas, and Austin are the top three cities that studies predict will have the highest rates of new rental units completed in 2023. New York, out of the three cities, will have the highest number of new rental units built by 2023, totaling 33,001. The majority of the new rental units are high-end and offered for an expensive rental price. Survey shows that 41% of renters living in these areas are from an affluent economic class who can afford these high prices. Along with the incre...
Tags:affluent, Affordable Housing, Development, development cost, inflation, interest rates, Manhattan, metro areas, rental units, RentCafe
