National Association of Real Estate Brokers (NAREB) to help Oakland’s Black American residents change their financial futures at Community Wealth Building Day
Washington, DC (January 28, 2016) Oakland, CA residents are invited to a rare opportunity to learn what it takes to become a homeowner, how ownership can be within their reach, and why buying a home can positively change financial futures. The National Association of Real Estate Brokers (NAREB), in conjunction with their Oakland chapter, the Associated Real Property Brokers (ARPB) and NAREB’s corporate partner, BBVA Compass have brought together the full range of real estate experts ready to help Oakland residents better understand the home purchase process, and to show attendees how buying a home is the foundation for wealth building. The Community Wealth Building Day is free-of-charge, open to all Oakland area residents and will be held Saturday, February 20, 2016, at the Oakland City Hall, 1 Frank O’Gawa Plaza, Oakland, CA 94612.
“NAREB is taking the lead to re-build Black wealth through homeownership,” said Ron Cooper, president of the National Association of Real Estate Brokers (NAREB) which has been fighting for Democracy in Housing for Black Americans and professionals in the real estate industry since its founding in 1947. “Our goal is to ensure that Black Americans and others adversely affected by the recent and devastating economic meltdown have the opportunity to rebuild their economic legacy that was destroyed or drastically diminished during the nation’s near financial collapse,” Cooper added.
Oakland’s Community Wealth Building Day is designed to answer consumers’ questions about the home buying process, how to get ready to buy, and will show residents how to find and structure down payment assistance that can make homeownership affordable and sustainable. Experts on-site include local real estate professionals, mortgage lenders, housing counselors, legal and insurance experts, community development specialists and representatives from home buying assistance agencies. Special guest, best-selling author of Money Matters for Families, financial coach and talk show host, Gail Perry Mason will serve 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 HMDA mortgage lending data for Oakland, according to LendingPatterns™ indicates that of the 2,112 loans made in 2014, only 67, or 3.2 percent (3.2%) of those loans were granted to Black American purchasers; who represented 27 percent (27%) of the city’s population. The report also noted that the average loan amount in Oakland in 2014 was nearly $400,000. LendingPatterns™ is an online Home Mortgage Disclosure Act (HMDA) software program developed by ComplianceTech.
“We’re determined, neighborhood-by-neighborhood and person-by-person to let Black Americans know that owning a home in Oakland and having equity in that home is the beginning of their wealth building process,” said Steve Peterson, President of Associated Real Property Brokers (ARPB), NAREB’s Oakland chapter.
The Community Wealth Building Day is the culminating event of NAREB’S 2016 Mid-Winter Regional Conferences; this year being held in four hub cities. The three-day professional real estate events are being held in: Oakland, CA (February 18-20); Memphis, TN ((March 10-12); Philadelphia, PA (April 7-9), and Chicago (April 21-23).
Space is limited for this one-time event. Reserve your place by calling 510-214-3680 or emailing NAREBRegionXV@gmail.com. The first 75 people at the door will receive a complimentary credit report and assessment.
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The National Association of Real Estate Brokers (NAREB) was formed in 1947 out of a need to secure the right to equal housing opportunities 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:
Banco Bilbao Vizcaya Argentaria (BBVA) is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, is the largest financial institution in Mexico and has leading franchises in South America and the Sunbelt Region of the United States. Its diversified business is focused on high-growth markets and relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of our business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes. BBVA ordinary shares are traded through the Madrid Stock Exchange under the symbol BBVA and American Depository Shares (ADS) are traded on the New York Stock Exchange under the symbol BBVA.