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October 2023 » thefivestar.com 77 October 2023 J O U R N A L ners better understand the effectiveness of programs and interventions designed to address homelessness in communities." Under HUD's Research Partnerships program, the Office of Policy Development and Research (PD&R) has the authority to accept unsolicited research proposals that address current research priorities of the Department. Through the Research Partnerships program, HUD has selected a new applicant for funding: » NYU Furman Center received $650,000 to estimate the impact of providing $1,000/month uncondi- tional cash transfers for 12 months to families previously experiencing homelessness, who are exiting a rapid re-housing (RRH) program, on return to homelessness, housing stability, and rent burden, and explore mechanisms through which the cash transfers may impact these outcomes. FANNIE MAE LAUNCHES NEW RESOURCES TO FURTHER ADVANCE LATINO HOMEOWNERSHIP F annie Mae announced new re- sources and programs to provide responsible access to housing and long-term sustainable homeown- ership opportunities across the country for Latino communities and further the company's mission. Building upon Fannie Mae's Hom- eView launch in early 2022 and reaching over 340,000 consumers who completed the homebuyer education course, the company is unveiling HomeView en Español, a Spanish-language digital con- sumer education platform providing 24/7 end-to-end access to information about financial literacy and homeownership. The course is designed for Latino consumers to leverage it on their own, or to help them plan with trusted advisors. HomeView en Español features a new in-language credit education course with content tailored to help Latino consumers effectively build and manage their credit—a critical component to access the traditional homebuying pro- cess. Thin or insufficient credit history is a challenge disproportionately faced by Latino renters and first-time home- buyers, according to Fannie Mae's Latino Housing Journey research. The comprehensive course, created for and written by Spanish speakers, focuses on enabling success throughout every stage of their housing journey. HomeView en Español is: » Free to all upon registration, and can be accessed across desktop, mobile and tablet. » An interactive educational course, incorporating short quizzes and audio clips to increase information retention and support all kinds of learners. » Customized to address key hurdles and challenges experienced by Latino consumers establishing or maintain- ing their credit. To address upfront housing costs, another housing obstacle that dispropor- tionately impacts Latino renters and first- time homebuyers, Fannie Mae this month expanded access to its Special Purpose Credit Program (SPCP) pilot, which now can provide down-payment assistance to eligible first-time homebuyers living in majority-Latino communities located in Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia. Fannie Mae plans to further expand the program to ad- ditional cities, to include those with large Latino populations early next year. According to The Urban Institute, 70% of net-new homeowners between 2020 and 2040 will be Hispanic/Latino, and this demographic represents one of the fastest-growing segments of potential homeowners. At the same time, Latino consumers face several obstacles along their housing journey, including lack of affordable housing supply, higher inci- dences of insufficient credit, and higher relative up-front housing costs. Fannie Mae is focused on knocking down these obstacles so that historic housing disparities can be addressed, and more borrowers can equitability access affordable housing and long-term housing stability. "We want to help people get into and stay in their homes for a long time. Down payment assistance and homeownership education can help the Latino community and achieve both goals. We will continue to work closely with the Latino communi- ty to craft solutions to the barriers Latinos face on their housing journey. We're committed to a future where everyone has fair access to sustainable housing," Fannie Mae CEO Priscilla Almodovar said. In the last two years, Fannie Mae has introduced several innovative programs de- signed to help Latino, Black and other his- torically underserved consumers through- out their housing journey's, including: » Positive Rent Payment reporting allows for a renter's on-time rental payments to be shared directly to credit bureaus and help build and improve renters' credit scores. As of June 2023, 302,000 units in rental properties have adopted the program, enabling 14,500 residents to establish a credit score. Those who have seen an increase in their score due to the program improved their score by an average of 40 points. » The ability for renters to make their rent count with a consistent history of making on-time rental payments to help first-time homebuyers qualify for a home loan, which is another way we're equipping lenders to provide responsi- ble access to mortgage financing. As of Q2 2023, 4,700 applications have bene- fited, meaning they were eligible when otherwise they might not have been. Additionally, 42% of those applicants who benefitted from the enhancement identified as Black or Latino/Hispanic. » Enabling consumers without a credit score to be considered within the un- derwriting process with innovations to Fannie Mae's automated underwriting system, Desktop Underwriter (DU). "The housing challenges faced by Latinos are real–but they are not insur- mountable. With innovative thinking and committed partners, it is possible to ex- pand housing opportunities in ways that are sustainable and responsible–both for the housing system and for homeowners. These initiatives represent the next steps on that journey," Almodovar said.