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As the U.S. housing market rebounds from a pandemic-related slowdown, there is still evidence of housing discrimination that continues to limit homeownership and rental opportunities for consumers of color and other marginalized groups. It’s necessary to take stock of how far housing policy has gone to outlaw discriminatory practices, and what work remains to be finished. What is housing discrimination? The Fair Housing Act of 1968 explained What is redlining in real estate? 3 ways to strengthen U.S. housing discrimination laws What is housing discrimination? Housing discrimination is any prejudiced actions against a consumer who is buying a home , renting a home or attempting to participate in other housing-related endeavors. Discrimination can be based on the following characteristics: Color or race Disability Familial status Nationality Religion Sex People who identify as LGBTQ aren’t explicitly protected by federal law from housing discrimination. However, several states have...
One of the biggest challenges most aspiring business owners face is finding the capital needed to launch. If you’re starting a business, one financing option you might want to think twice about is tapping into your home equity. There are a variety of ways homeowners may use home equity to start a business: A home equity loan provides a fixed amount of money from a loan that is secured by your home. You typically repay the loan in equal monthly installments over a fixed term, similar to a traditional mortgage. A home equity line of credit (HELOC) provides a line of credit that you can draw from as needed over a fixed period. You only make payments on the outstanding amount at any time. Cash-out refinancing replaces your existing mortgage with a new loan at a higher amount. You receive the difference in cash that can be used for any purpose. A HELOC isn’t a particularly popular way to fund a small business. According to a report from the Federal Reserve, just seven percent of all...