As members of the Fix Our Homes Illinois coalition, we are deeply concerned about the findings reported by Block Club Chicago regarding the significant disparities in loan approvals for Black seniors. The statistics reveal that only half of Black seniors applying for home repair or refinance loans are approved, compared to nearly 80% of white applicants. This inequity highlights the systemic barriers that persist within our financial systems, hindering Black seniors from accessing essential resources needed to maintain safe and secure homes.
Our coalition believes that every senior should have the opportunity to age in place with dignity. Home repairs and modifications are vital for ensuring the safety and well-being of our aging population. We are committed to advocating for fair lending practices that prioritize equity and access for all communities, particularly those that have been historically marginalized.
To truly address these disparities, we must push for policy changes that ensure equitable access to financial resources, increased funding for home repair programs, and targeted support for Black seniors. Together, we can work towards a future where every senior in Illinois can secure the necessary assistance to maintain their homes and age in place comfortably.
For more information about this issue, read the full article by Block Club Chicago here.