NAREB TAKES ACTION TO BUILD BLACK WEALTH THOUGH HOMEOWNERSHIP

FOR IMMEDIATE RELEASE

Final leg of National Association of Real Estate Brokers (NAREB) Mid-Winter Regional Conference and Community Wealth Building Day series slated for Cleveland, OH with plans to jumpstart homeownership among Black Americans.

Washington, DC (April 13, 2017) The National Association of Real Estate Brokers (NAREB) will open the fourth of its Mid-Winter Regional Conference series in Cleveland, April 20-22, 2017 to push for a dialogue reset among policy makers, financial services executives, and advocates about the lagging Black homeownership rate, now stagnating at 41.9%, compared to a 72.2% homeownership rate for non-Hispanic whites.

Meeting under the banner, “Building Black Wealth Through Homeownership,” several hundred conference attendees from seven mid-western states will hear NAREB’s aggressive, multi-pronged strategy to promote homeownership as the key to building wealth for Black Americans. The 2017 NAREB Mid-Winter Regional Conference-Mid West is scheduled to take place at The Westin Hotel Downtown, 777 St. Clair Avenue NE, Cleveland, OH.

Latest available Home Mortgage Disclosure Act (HMDA) data for Cleveland, analyzed by Lending Patterns™, indicated that of the 2,884 loans made in 2015 where race was known, only 492 (17%) were granted to Black Americans compared to 1,664 (58%) for whites. Black Americans comprise 53.3% of the city’s total population of 388,072 which has been in steady decline. LendingPatterns™ also noted that the average mortgage loan amount in Cleveland in 2015 was $164,550. (LendingPatterns™ is an online HMDA data analysis software program developed by ComplianceTech.)

“This mortgage loan gap which NAREB believes represents significant disparity and adversely affects wealth building through homeownership for Black Americans. The situation is unacceptable. Homeownership is the first step on the road to legacy wealth building. NAREB is laser-focused on increasing opportunities for homeownership and advocating at every level of government for public policy changes and in the financial services sector for fair lending practices,” said Ron Cooper, president of NAREB the oldest professional minority real estate trade association formed in 1947 to assist and advocate for Black soldiers returning from service in WWII and unable to purchase homes of their choice.

Speakers at the conference opening general session on Friday, April 21, 8:30 a.m-10:00 a.m. include the Honorable Stephanie D. Howse, State Representative (Ohio House District 11), and LaRese Purnell, managing partner of Creating Leading Enterprises (CLE), noted author, businessman, and nationally-recognized expert on financial freedom. In sessions following, Dr. Pamela Jolly, NAREB’s strategist will discuss “Designing the Black Wealth Blueprint for Communities,” and Mark Alston, Realtist and NAREB’s Public Affairs Committee chair will offer a detailed view of the “State of Housing in Black America” in general, and Cleveland, in specific. His presentation addresses the documented disparities in mortgage lending practices along with the government policies that have failed to support economic recovery in Black communities.

Cooper states, “NAREB’s new “2 Million New Black Homeowners in 5 Years” program has been launched to reverse the wealth drain in our communities. Black Americans never experienced the economic recovery after the country’s 2008 meltdown. It’s time that we join forces with financial institutions, mortgage lenders, social, economic and civil organizations, and housing counselors to start wealth building activity in our nation’s urban areas. Economic security for Black Americans is a national issue that we intend to keep front and center and make happen.”

On Saturday, April 22, 2017, NAREB will host Community Wealth Building Day at the Fatima Family Center, 6600 Lexington Avenue, Cleveland, OH 44103 from 10:00 a.m. to 3:00 p.m. The free event is open to all area residents. Throughout the day, attendees can talk to lenders, ask questions, get information about why owning a home positively changes financial futures, learn about the home buying process and how to sustain a newly purchased home. The first 75 people receive free credit reports and confidential assessments.

The consumer-focused Community Wealth Building Day is the culminating event of NAREB’s 2017 Mid-Winter Regional Conferences, this year held in four hub cities that kicked off in Las Vegas, NV (February 16-18), continuing in Charlotte, NC (March 9-11), Prince George’s Co., MD (April 6-8), and concluding in Cleveland, OH (April 20-22).

For more information, visit www.nareb.com. On-site conference registration begins on April 19.

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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.

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

NOTE TO MEDIA: All media must sign-in and get credentialed in the press room.