Homeownership isn’t just valuable for you personally. It also helps build wealth for your family, your community, and even society at large, according to former Chicago Housing Commissioner Marisa Novara.
“When you have those kinds of assets in your life, it gives you way more options and way more ability to care intergenerationally for the well being of your family and to invest in your community,” said Novara, who is now the Vice President of Community Impact at the Chicago Community Trust.
Unfortunately, homeownership is an inaccessible pipe dream for many Chicagoans, due to everything from high interest rates and stagnating wages to a long history of racist policies that have kept many potential buyers of color from entering the market.
“Even today, it is much harder to get a loan at favorable terms from a bank if you are a Black or Latinx buyer trying to buy in a majority Black or majority brown community,” Novara said.
In this episode, Novara talks with host Erin Allen about her recent article) for Crain’s Chicago Business. Novara explains the value of homeownership, the historical barriers to it (and the modern ones), and a few solutions that are in the works to help level the playing field.
