Memphis Community Wealth Building Day to Boost Homeownership for Black Residents

For Immediate Release

MEMPHIS COMMUNITY WEALTH BUILDING DAY

TO BOOST HOMEOWNERSHIP FOR BLACK RESIDENTS

NAREB to host free event for Memphis area Black residents to learn why homeownership builds wealth and how it still is possible.

Washington, DC – April 10, 2018 – Homeownership is within reach of Black Americans and continues to be the best way to start building wealth. Memphis area Black residents are invited to attend Community Wealth Building Day, Saturday, April 14, 2018, 9:30 a.m.–2:30 p.m. to learn how. The National Association of Real Estate Brokers (NAREB), its local chapter, NAREB Memphis, and NAREB Affiliate, NID-HCA Housing Counseling Agency have brought together real estate industry experts, certified housing counselors, representatives of the faith-based community, mortgage lenders and government agencies representing every aspect of the home buying process. Experts will be available to answer questions and demonstrate that owning a home, or investing in real estate is not only possible, but desirable.

Free to the public, Community Wealth Building Day will take place at Lemoyne-Owen College, Student Union Building, 807 Walker Avenue, Memphis, TN 38126.

“Homeownership rates and mortgage loans for Black Americans in Memphis continue to slip downward. Right now, Black people account for 63% of the population, but only account for 26.5% of the new mortgage loans. Whites, on the other hand represent 29% of the Memphis population received 54% of the new mortgage loans,” said Jeffrey Hicks, president of the National Association of Real Estate Brokers (NAREB), the country’s oldest minority real estate trade association formed in 1947 to ensure equal homeownership opportunities for Black consumers.

“These statistics are troubling, not only for new, potential Black homebuyers looking to settle down in Memphis, but also for the city’s economic future should the downward trend continue. That’s exactly why NAREB is focused on making accurate information and resources available, as well as explaining the credit trap and how to address financial challenges that appear as obstacles to building wealth and homeownership,” Hicks added.

Community Wealth Building Day kicks off with a celebratory ribbon-cutting ceremony at 9:45 a.m. opening the Vendor Showcase and admittance to the consumer information sessions, the Clergy Roundtable, and complimentary lunch for all attendees. NAREB is paying special attention to college students and millennials, offering a session designed to help them navigate through the student loan burden and understand that building wealth through homeownership remains within their reach.

Families are encouraged to bring their children to have fun in the Kids Zone. Special guests speaking at the lunch program include: Pastor Dwayne Hunt, Abundant Grace Fellowship Church, Jeffrey Hicks, NAREB president, along with remarks from two event sponsors Wells Fargo and Bank of America.

Consumers can expect to hear about the availability of purchase assistance funds; addressing bad credit issues; preserving wealth, along with a session to help consumers understand the mortgage process, what to expect from a lender and what questions to ask. The first 100 people will receive a free credit report and an assessment.

Consumers are encouraged to ask questions from the experts to get the answers they need about home purchase or real estate investment strategies. Throughout the day, event participants can register for prizes including a washer/dryer combo, flat screen TV and other giveaways as they interact with Community Wealth Building Day exhibitors.

Sherita McCray, president, NAREB Memphis chapter stated, “NAREB’s Community Wealth Building Day is important to Black Memphis residents because we are an organization that educates, promotes and build wealth through homeownership…Black residents should come out to get free information on homeownership, down payment assistance and first-time home buyers program, credit repair and sustainability of your home from real estate professionals that look like them. NAREB Memphis wants our Black residents to take back our neighborhoods and improve our communities by building wealth through homeownership, Black businesses and most of all, education.”

“NAREB has started a movement, our 2 Million New Black Homeowners program to establish a new wealth building platform for Black Americans, nationwide. The program is not only our commitment, but our responsibility and obligation to our community. We’re so pleased to bring the program to Memphis,” Hicks added.

For more information and to register for the FREE Community Wealth Building Day call 910-503-7276

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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.

Contact: Joanne Williams I 202.364.0024 or 215.519.2831 jlwilliams@barrington-associates.com

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