NAREB TAKING ACTION TO BUILD BLACK WEALTH THOUGH HOMEOWNERSHIP

FOR IMMEDIATE RELEASE

Third leg of National Association of Real Estate Brokers (NAREB) Regional Conference series to open in Prince George’s County, MD with plans to help jumpstart homeownership among Black Americans.

Washington, DC (March 30, 2017) The National Association of Real Estate Brokers (NAREB) will convene the third of its four-part Mid-Winter Regional Conference series in Prince George’s County, MD to push for a dialogue reset among policy makers, financial services executives, and advocates about Black homeownership.

Meeting under the banner, “Building Black Wealth Through Homeownership,” several hundred conference attendees from 14 eastern corridor 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-East is scheduled for April 6-8, 2017, at the Gaylord Hotel, Eastern Shore 3, 201 Waterfront Street, National Harbor, MD 20745.

“Black Americans lag far behind with a national homeownership rate of 41.9%, as compared to a 72.2% for non-Hispanic whites,” 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. “This gap…this homeownership and wealth gap is unacceptable. Homeownership is the first step on the road to legacy wealth building,” Cooper added.

Scheduled to speak at the conference opening general session on Friday, April 7, 8:30 a.m-10:00a.m. is Prince George’s County Executive, Rushern L. Baker, lll. It is expected his remarks will cover the county’s Black homeownership landscape since the 2008 economic tsunami that not only stripped equity and homeownership wealth from Black homeowners, but also chilled home buying prospects. In other sessions, NAREB speakers will outline and address the documented disparities in mortgage lending practices along with government policies that have failed to support economic recovery in Black communities.

Latest available Home Mortgage Disclosure Act (HMDA) data for Prince George’s County, analyzed by Lending Patterns, indicated that of the 21,064 loan made in 2015 where race was known, only 11,049 were granted to Black Americans. Currently Black Americans comprise 64% of the county’s population. Black Borrowers submitted 24,725 applications and less than half were successful. (46.89%). The report also noted that the average loan amount in Prince George’s in 2015 was just over $285,000. (LendingPatterns™ is an online HMDA data analysis software program developed by ComplianceTech.)

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 8, 2017, NAREB will host Community Wealth Building Day at the Southern Regional Technology & Recreation Complex, 7007 Bock Road, Fort Washington, MD 20744, from 10:00 a.m. to 3:00 p.m. The free event is open to all area residents. Sessions throughout the day will provide information about why owning a home can positively change financial futures, help residents better understand the home buying process and how to sustain a newly purchased home. The first 75 people at the door will receive a free credit report and assessment.

The Community Wealth Building Day is the culminating event of NAREB’S 2017 Mid-Winter Regional Conferences, this year being 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 20-23).

For more information, visit www.nareb.com. On-site conference registration begins on April 6.

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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  |  202-364-0024  |  jlwilliams@barrington-associates.com

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