For Immediate Release
National Association of Real Estate Brokers (NAREB) to help Chicago’s Black residents improve their financial futures through homeownership at Community Wealth Building Day
Washington, DC (April 14, 2016) Black Chicago residents are invited to a rare opportunity to learn what it takes to become a homeowner, how ownership can be within reach, and why buying a home can positively change financial futures at Community Wealth Building Day and Expo hosted by the National Association of Real Estate Brokers (NAREB). The event is free-of-charge, open to all Chicago area residents and will be held Saturday, April 23, 2016, at the Whitney Young High School, 211 S. Laflin Street, Chicago, IL 60607, 9:00 a.m. – 3:00 p.m.
Held in conjunction with NAREB’s national affiliate, NID-Housing Counseling Agency, the Dearborn Realtist Board, NAREB’s local chapter, and NAREB’s lead event sponsor, BBVA Compass, NAREB has assembled real estate industry experts, public and private sector housing finance executives, mortgage lending professionals, down payment assistance agencies, and community development partners to be a part of the event. Collectively, they can help current and future Black residents understand the home buying process, mortgage financing options, and down payment assistance opportunities. The information puts attendees on the path to rebuild Black family and community wealth.
“NAREB is committed to consumer education. In particular, we want to make sure that Black Americans have the correct information before entering the home buying process. We know the value of homeownership and how it significantly contributes to individual wealth building and community stabilization,” said Ron Cooper, NAREB’s 29th President. Industry and government reports indicate that homeownership rates for Black Americans remain at about 42 percent, down from a high of 49 percent in 2006. In comparison, the current homeownership rate for non-Hispanic whites is approximately 74 percent.
NAREB’s Chicago’s Community Wealth Building Day is planned to answer consumers’ questions about the home buying process and how to get ready to buy. It will show residents how to find and structure down payment assistance to make homeownership affordable and sustainable. “If you are looking to increase your real estate knowledge and build wealth, you need to attend Community Wealth Building Day. Homebuyer counselors, lenders, financial wealth presenters and other real estate professionals will all be under one roof, remarked Tracy Taylor, president of the Dearborn Realtist Board, Inc, NAREB’s Chicago chapter.
The dynamic special guest, best-selling author of Money Matters for Families, a guest on the Oprah Winfrey Show, financial coach and talk show host, Gail Perry Mason will present as the noontime speaker.
NAREB’s corporate partner, BBVA Compass, supports Community Wealth Building Day as an event in alignment with their business objectives. Viola Solomon, Senior Vice President and Director of Community Lending states, “Our brand promise: “Banking on a brighter future” a brighter future not only for our bank and our employees, but our communities. Every day, we strive to be there for all of our diverse communities, especially the underserved.”
Latest available Home Mortgage Disclosure Act (HMDA) data for Chicago, analyzed by LendingPatterns™, indicates that of the 34,643 loans made in 2014 where race was known, only 3,747 or 10.82% of those loans were granted to Black Americans; even though they represented 32.9% of the city’s population. Moreover, Black Americans were denied mortgage loans at a rate of 36.80% compared to a denial rate of 14.69% for whites. The report also noted that the average loan amount in Chicago in 2014 was $288,500. (LendingPatterns™ is an online HMDA data analysis software program developed by ComplianceTech.)
Chicago-based Diane Odell, one of NAREB’s regional vice presidents, strongly encourages local residents to attend NAREB’s Community Wealth building Day. She notes, “Access to credit and accumulation of savings has made it difficult for those seeking the American Dream of homeownership. This event will empower residents with knowledge and the tools to realize their goals as we work to reclaim our wealth through homeownership in our communities.”
The Community Wealth Building Day is the culminating event of NAREB’S three-day 2016 Mid-Winter Regional Conferences, this year being held in four hub cities. The first event kicked off in Oakland, CA (February 18-20), continued in Memphis (March 10-12), Philadelphia, PA (April 7-9), with the final hub conference in Chicago, IL (April 21-23).
Space at Community Wealth Building Day and Expo is limited. For reservations, call 312-757-9641 or sign up at https://communitydaychicago.eventbrite.com. The first 75 people at the door receive a complimentary credit report and assessment. Light refreshments provided.
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.
About BBVA Compass:
BBVA Compass is a Sunbelt-based financial institution that operates 672 branches, including 341 in Texas, 89 in Alabama, 77 in Arizona, 62 in California, 45 in Florida, 38 in Colorado and 20 in New Mexico, and commercial and private client offices throughout the U.S. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (4th). BBVA Compass has been recognized as one of the leading small business lenders by the Small Business Administration, and its mobile app recently earned the Mobile Banking Leader in Functionality Award for the second consecutive year from Javelin Strategy & Research. Additional information about BBVA Compass can be found at bbvacompass.com, by following @BBVACompassNews on Twitter or visiting newsroom.bbvacompass.com. BBVA Compass is a trade name of Compass Bank.