Minority Banks Shut Out of Federal Tax-Credit Program

Industrial Bank’s Georgia Avenue branch in Northwest D.C. (Courtesy photo)

(NNPA) – Minority-owned banks are crying foul about the federal government snubbing them for tax credits they say could generate economic development in the nation’s most needy communities. The Community Development Financial Institutions (CDFI) Fund, an arm of the Treasury Department, issued in June $3.5 billion in New Markets Tax Credit (NMTC) allocation to 76 entities […]

California clears hurdle for state-run retirement program

Photo Courtesy of NNPA

SACRAMENTO (AP) — California can proceed with setting up a state-run savings program for private-sector workers who don’t have access to retirement plans at work, under a rule change ordered by President Barack Obama on Monday. The president directed the U.S. Labor Department to make administrative changes by the end of the year that will […]

HUD Announces New Rule to Combat Housing Discrimination

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(NNPA) – The U.S. Department of Housing and Urban Development recently released a new rule to assist the department’s grantees in meeting their anti-segregation and anti-discrimination mandates. Under the Fair Housing Act of 1968, HUD and its program participants are not only barred from discrimination based on race, color,national origin, religion, sex, disability or familial status, […]

Advocate Helps Californians Keep Homes

Tiapink CROP

SACRAMENTO – Homeownership is a large part of the American Dream, but after being hit hard by an economic downturn, many in California saw their “home sweet home” experience turn sour. A local woman, however, is playing a key role in helping owners keep their keys. Tia Boatman Patterson serves as Executive Director of the […]

California court rules for city in affordable housing fight

Townhouse

SAN FRANCISCO (AP) — California cities have broad authority to require builders to include a percentage of affordable housing in new projects, the state Supreme Court ruled Monday. The decision keeps intact affordable housing requirements approved in more than 170 California cities, including San Francisco and communities in Silicon Valley, where skyrocketing housing prices have […]

Black Graduates Face a Tough Job Market

College graduates facing tough job market (NNPA Photo by Freddie Allen).

  WASHINGTON (NNPA) – College graduates will enter a job market this year that is better than it has been in recent years, but they will still face a tough climb. That climb will be especially difficult for Black college graduates who will grapple with a jobless rate that is still in the double digits, […]

Study: Minorities in retail get paid less, promoted less

black man money

WASHINGTON (AP) — African-American and Latino cashiers, salespeople and first-line managers are paid less, are less likely to be promoted off the floor and more likely to be poorer than their white counterparts in the retail industry, a new study showed Tuesday. The study, done by the NAACP and Demos, a public policy organization, found […]

More older Americans are being buried by housing debt

Solar photovoltaic panels attached to a bungalow house roof

WASHINGTON (AP) — Al and Saundra Karp have found an unconventional way to raise money and help save their Miami-area home from foreclosure: They’re lining up gigs for their family jazz band. They enjoy performing. But it isn’t exactly how Al, an 86-year-old Korean War vet, or Saundra, 76, had expected to spend their retirement. […]

Blacks Least Likely to Get Business Loan from Banks

Ron Busby urges personal relationship with banker.

WASHINGTON (NNPA) – Black-owned businesses face tougher challenges than other groups when seeking bank loans, according to a new study by the Gallup polling company commissioned by Wells Fargo. Nearly half (47 percent) of Black-owned businesses operate in the South and the study found that 77 percent of Black business owners use personal cash to […]

Silicon Valley giants deploy staff to historically Black colleges

African American university students in a classroom.

MOUNTAIN VIEW (AP) — Howard University freshman Alanna Walton knew something was different about the professor teaching her introduction to computer science course. First, there was her name: Professor Sabrina. She was an African American woman, kept office hours until 2 a.m., and had an additional title: Google In Residence. “It was an awesome class,” […]