Washington, DC (November 19, 2021) – Following is a statement by Gary Cunningham, President and CEO of Prosperity Now, on the House of Representatives’ passage of the Build Back Better Act.

“There is so much work to be done to close the racial wealth divide in our country, and the Build Back Better Act is a critical element for moving us in this direction.

“Expanding the Child Tax Credit and the Earned Income Tax Credit, funding affordable housing and expanding homeownership, and providing support for small businesses of color are measures that will make a critical difference during this especially difficult time.

“The expansion of the Child Tax Credit for more than 35 million households has led to the largest-ever decrease in child poverty among communities of color. We are especially pleased by the inclusion of one million children from immigrant households in the Child Tax Credit and that the credit is being made permanently refundable to target our lowest-income families. We’re grateful for the one-year extension in the bill of the Child Tax Credit and the Earned Income Tax Credit expansions and are committed to working with Congress and the Administration to make these expansions permanent.

“The inclusion of funds to provide downpayment assistance to first-generation homebuyers, in addition to other housing measures, could be groundbreaking in advancing equity in housing for Black people and people of color. We look forward to lending our expertise to the Department of Housing and Urban Development as they work to develop these new programs.

“While housing costs are increasing for everyone, the burdens are particularly acute for households of color. Homeownership is a key element toward closing the racial wealth divide, yet while 72.1 percent of White households own a home, only 41.4 percent of Black families and 47.4 percent of Latinx households do so.

“The pandemic has been particularly difficult for Black-owned small businesses, causing an overwhelming 40 percent to shutter. To help new small businesses succeed, particularly in communities of color and other underrepresented communities, the legislation establishes a network of incubator spaces for small businesses and small federal contractors at trusted community partners like Historically Black Colleges and Universities.  

“We commend leaders in the House of Representatives for getting us to this point and urge the Senate to move the bill quickly. And then, we will look forward to working with Congress and the Biden Administration on addressing additional unmet needs.”

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Since 1979, Prosperity Now (formerly CFED) has been a persistent voice championing economic opportunity, innovating outside of and beyond existing systems to build power for all communities. We advance racial and ethnic economic justice by investing in bold new ideas, and we work deeply at both the grassroots and national level to impact the entire ecosystem. By setting goals for our economy and following through with targeted approaches based on need, we are equipped to drive forward and cement big structural solutions. Learn more at www.prosperitynow.org.