ACORN advocates for community reinvestment

Left to right: Bernard Foster, Phyllis Grant, Ed Shanks of U.S. Bank, and Jordan Ash of ACORN Housing Corporation.

ACORN encourages banks to reinvest in low- and moderate-income communities and minority neighborhoods and puts pressure on the federal government to strengthen and enforce regulations on community reinvestment by banks.

By issuing reports, negotiating, testifying, lobbying and protesting, ACORN members are working to end discrimination and create fair access to credit.

ACORN Housing Corporation in Minnesota is working with U.S. Bank to refinance the victims of predatory loans with fair and reasonable mortgages. Bernard Foster and Phyllis Grant (pictured) are among the borrowers who have been rescued.

In Baltimore, ACORN recently helped pass an important piece of legislation, creating inclusionary housing for rental and coop developments with 30 or more units that have either received tax breaks or discounted land from the city.

The Baltimore bill stipulates that subsidized developers be required to set aside 20 percent of their buildings’ units for low and moderate-income residents. Next year, it will apply to developments that had been rezoned. Those buildings would have to set aside 10 percent of units as affordable. Eventually, the bill could be broadened to cover all housing developments if housing costs continue to rise.

Baltimore Mayor Sheila Dixon has established a housing fund with an initial deposit of $2 million to which additional monies will be generated through bonds and resource campaigns.

The Inclusionary Housing Bill is the first legislation that ACORN members have successfully worked on and passed.