net worth, 58 percent of Hispanic households’ net worth, and 43 percent of White households’ net worth, according to the Urban Institute’s calculations from the 2020 Survey of Consumer Finances. (9) The 2008 Great Recession and the COVID–19 Recession have exacerbated the racial wealth gap. (10) Funding innovative local neighborhood strategies will allow the United States to close the racial wealth gap, ensure equitable access to housing and economic mobility, and counter the lasting legacy of redlining policies. (11) Despite the strong requirement to affirmatively furthering fair housing under the Fair Housing Act, the lack of accountability measures implemented by the Department of Housing and Urban Development to ensure equitable use of housing and community development dollars in Federal programs has allowed for the perpetuation of the legacy of redlining and neighborhood disinvestment. (12) It is imperative that the Federal Government make funding available for the best local strategies to increase homeownership and preserve home equity in impacted areas, access to safe and affordable rental housing, economic growth, job creation, and to build on local assets to improve communities in ways that affirmatively further fair housing. 3. Competitive grant program (a) Establishment Not later than the expiration of the 120-day period beginning on the date of the enactment of this Act, the Secretary of Housing and Urban Development shall establish a program to award competitive grants to eligible local partnerships to carry out more than one neighborhood revitalization support activity in an eligible locality. (b) Criteria (1) Eligible local partnership A local partnership is eligible to receive a grant under the program established under this section if it meets the following requirements: (A) The local partnership includes a national or local nonprofit organization with expertise in community planning, engagement, organizing, development, or neighborhood revitalization and at least one of the following entities: