This year’s Black History Month has once again provided many opportunities to pause, reflect and learn more about the incomparable contributions made by African Americans in all spheres of life. And as it pertains to housing, while many will be aware of the ‘GI Bill’, perhaps not so many will be aware of its stark inequities which continue to have profound effects on the lack of intergenerational wealth building through homeownership.
For veterans coming home after brave and honorable service in World War II, The Servicemen’s Readjustment Act of 1944 – better known as the GI Bill – was envisioned as a pathway back and up into society for the millions returning to civilian life. One of the best-known components of that leveling up legislation was access to low interest financing. But for 1.3M African American heroes, the promise of homeownership was a dream denied with less than 1% successfully securing those life changing down payments and mortgages.
