MEMPHIS BLACK RESIDENTS CAN GET READY TO BUILD WEALTH THROUGH HOMEOWNERSHIP

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Contact:  Joanne Williams
202-364-0024 jlwilliams@barrington-associates.com

For Immediate Release

 

National Association of Real Estate Brokers (NAREB) to help Memphis Black American residents improve their financial futures at Community Wealth Building Day

 

Washington, DC (March 3, 2016) Black Memphis, TN 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 national affiliate, NID-Housing Counseling Agency, NAREB’s Memphis Chapter, and NAREB’s lead event sponsor, BBVA Compass, have assembled real estate industry experts, public and private sector housing finance executives, mortgage lending professionals, and community development partners to be a part of the event. Collectively, they can help current and future Black Memphis 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.

 

The Community Wealth Building Day is free-of-charge, open to all Memphis area residents and will be held Saturday, March 12, 2016, at the Middle Baptist Church, 801 Whitehaven Lane, Memphis, TN, 9:00 a.m. – 3:00 p.m.

 

“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.  

 

“That’s why NAREB is working, city-by-city, and person-by-person, to encourage homeownership among Black Americans – a demographic segment that lost a massive amount of wealth during the country’s recent economic meltdown,” Cooper remarked.

 

Latest available Home Mortgage Disclosure Act (HMDA) data for Memphis analyzed by Lending Patterns™, indicates that of the 4,256 loans made in 2014, only 359, or 8.4 percent (8.4%) of those loans were granted to Black American purchasers; even though they represented 63.3 percent (63.3%) of the city’s population. The report also noted that the average loan amount in Memphis in 2014 was just under $149,000. (LendingPatterns™ is an online HMDA data analysis software program developed by ComplianceTech.)

 

NAREB’s Memphis 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. Experts on-site will include local Realtists, mortgage lenders, housing counselors, legal and insurance experts, community development specialists and representatives from home buying assistance agencies.  The dynamic 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.”

 

Thomas Byrd, President of NAREB’s Memphis chapter said encouraging Memphis residents to attend NAREB’s Community Wealth Building Day, “I feel that homeownership is a key to improving our schools and our communities. So many of our children are shuffled from one neighborhood to the next, if you stabilize the home life of a child and many of our families, you will stabilize that community.”

 

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), continuing in Memphis (March 10-12) and Philadelphia, PA (April 7-9), with the final hub conference in Chicago, IL (April 21-23).

 

Space at Community Wealth Building Day is limited. For reservations, call 716-266-2732 or email narebmemphis@gmail.com.  The first 75 people at the door receive a complimentary credit report and assessment.

 

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.

 

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.