National Association of Real Estate Brokers (NAREB) to enlist support from Black clergy, civil rights organizations and financial services sector to grow Black wealth through homeownership.
Washington, DC – July 24, 2017 – The National Association of Real Estate Brokers (NAREB) at its 70th Anniversary Convention is issuing a call to Black real estate industry professionals, leaders of Black church denominations, financial services executives, social, and civic engagement organizations to come together to increase Black homeownership. Meeting under the banner, “Building Black Wealth through Homeownership,” July 28-August 1, 2017, at the Intercontinental Hotel, 444 St. Charles Street, New Orleans, LA 70130, NAREB expects to draw more than 600 attendees committed to a multi-pronged action agenda designed to re-boot and support Black America’s pursuit of the American dream of homeownership.
“Homeownership is a key indicator of our nation’s economic strength and the prosperity of its people. Black Americans occupy the lowest rung on the homeownership ladder, and therefore, the prosperity ladder. Not because we want to be there, but Black Americans never recovered from the economic devastation we experienced during, and after the nation’s 2008 economic tsunami. NAREB is committed to reversing this homeownership trend and prosperity prospects for Black Americans,” said Ron Cooper, president of the National Association of Real Estate Brokers (NAREB), the 70-year old minority trade group formed to ensure Democracy in Housing.
The call for collaboration comes at a time when Black homeownership hovers nationally at 42.7% compared to 71.8% for Non-Hispanic Whites. Latest available Home Mortgage Disclosure Act (HMDA) data for New Orleans analyzed by LendingPatterns™, an online HMDA data analysis software program, indicates that of the 6,592 mortgage loans originated in 2015 where race was known, only 1,425, or 22% of those loans were granted to Black Americans; even though they represented 60% of the city’s population of 343,829. Moreover, Black Americans were denied mortgage loans at a rate of just over 36% compared to a denial rate of 13.5% for whites. In May 2017, Zillow reported, that the average loan amount in the New Orleans metro area was $293,000. “These concerning statistics are the reasons why NAREB has implemented its “2 Million New Black Homeowners in 5 Years” program and is reaching out to create a national community of concern and action to Building Black Wealth through Homeownership,” Cooper added.
Keynoting the convention’s opening session, scheduled for Sunday, July 30 at 11:00 a.m. is Marc Morial, current president of the National Urban League (NUL) and former mayor of New Orleans. Other prominent confirmed speakers presenting at different times throughout the convention include U.S. Congressman Cedric Richmond (D-LA), current chair of the Congressional Black Caucus (CBC), U.S. Congressman Emanuel Cleaver (D-MO), a member of the House Financial Services Committee, Mel Watt, Director, Federal Housing Finance Agency (FHFA), the independent agency charged with oversight and regulation of Fannie Mae and Freddie Mac, among other housing finance responsibilities. Reverend Dr. Jerry Young, president of the National Baptist Convention, USA is scheduled to keynote the Community, Civic and Faith-Based Leaders Luncheon as part of NAREB’s efforts to engender broader support to increase Black homeownership. All presenters are expected to give their unique perspectives on Black homeownership and the pathways forward to re-instill hope among Black Americans that homeownership is possible and desirable.
NAREB is also devoting a day to connect with New Orleans residents about the long-term benefits of homeownership. NAREB’s free Community Wealth Building Day is a consumer education event scheduled for Saturday, July 29, 9:30 a.m. – 2:00 p.m. at the Southern University at New Orleans (SUNO), Memorial Library, 6400 Press Dr., New Orleans, LA 70126. Residents can get answers about the home-buying process, learn how to purchase a home, low down payment mortgage financing, and available down payment assistance programs that make homeownership affordable and sustainable.
For Convention registration and Community Wealth Building Day information visit: www.nareb.com.
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About NAREB:
The National Association of Real Estate Brokers (NAREB) was formed in 1947 to secure the right to equal housing opportunities for all regardless of race, creed, or color. NAREB has 90 chapters located nationwide and publishes annually The State of Housing in Black America (SHIBA) Report. Visit www.nareb.com for more information. Or call 301-552-9340.
Note to media: Press credentials are necessary to cover all NAREB convention events, media roundtables, or interviewing sessions. Press must sign in at the convention’s press room and obtain official NAREB badges.
Contact: Joanne Williams
jlwilliams@barrington-associates.com 202-364-0024 or 215-519-2831