On June 21, 2022, the National Fair Housing Alliance and the Mortgage Bankers Association, with contribution from Relman Colfax, released an online toolkit for mortgage lenders interested in developing Special Purpose Credit Programs (SPCPs). SPCPs are a creature of the Equal Credit Opportunity Act and are a useful tool in promoting fair housing and fair lending and addressing disparities in homeownership. The online toolkit provides background on SPCPs, why SPCPs are needed, best practices and guidance for developing and implementing SPCPs, and other useful information to aid mortgage lenders thinking about developing SPCPs.
The SPCP toolkit can be found here.
The Relman Colfax counseling team includes Stephen Hayes, Brenna Kearns and Imani Cherry.