Study From CMU Finds 'Wide' Differences In Bank Lending To Minorities And Minority Neighborhoods In Pittsburgh

By: KDKA-TV News Staff

PITTSBURGH (KDKA) - It has been a "decade of disparity" for Black Americans in Pittsburgh, according to a new study.

The study from Carnegie Mellon University found "wide" differences in bank lending to minorities and minority neighborhoods over the past ten years.

CMU and some local groups tracked lending to Black Pittsburghers and people who live in minority neighborhoods since "The Great Recession."

It found that only 3.5% of loans given out since 2008 have gone to African-Americans in Pittsburgh while almost 7% went to minority neighborhoods.

"It's so bad that as of right now if you're white and decide to move into a Black community you're more likely to get a mortgage than if you're a Black person living in a Black community," said Councilman R. Daniel Lavelle.

The report's authors say it shows banks refusing to invest in minority neighborhoods and that public investment won't be enough to build communities or generational wealth.