RAISING LOW BLACK HOMEOWNERSHIP RATES IN CHICAGO SUBJECT OF NAREB NATIONAL CONFERENCE

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For Immediate Release

 

National Association of Real Estate Brokers convenes final national hub conference to spur rebuilding Black wealth through homeownership

 

Washington, DC (April 14, 2016) The National Association of Real Estate Brokers (NAREB) will convene the last of its four-part Mid-Winter Regional Conference series in Oak Lawn, IL with plans to launch a nationwide wealth building initiative focused on Black Americans and increased homeownership. Meeting under the banner, “Rebuilding Black Wealth Through Homeownership,” NAREB anticipates record levels of attendance by Black real estate practitioners, financial services executives, mortgage lending professionals, government agencies, and housing counselors.

 

During the three-day event, NAREB 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. The conference is scheduled for April 21-23, 2016, at the Hilton Oak Lawn Hotel, 9333 S. Cicero Avenue, Oak Lawn, IL 60453.

 

“NAREB is taking the lead to re-build Black wealth through homeownership.  Our goal is to generate two million new Black homeowners in five years,” said Ron Cooper, 29th President of the National Association of Real Estate Brokers (NAREB), the minority real estate trade association established in 1947 to advocate for Democracy in Housing for Black Americans and opportunities for Black real estate professionals.

 

Latest available Home Mortgage Disclosure Act (HMDA) data for Chicago, analyzed by LendingPatterns™, indicates that of the 34,643 loans made in 2014 where race was known, only 3,747 or 10.82% of those loans were granted to Black Americans; even though they represented 32.9% of the city’s population. Moreover, Black Americans were denied mortgage loans at a rate of 36.80% compared to a denial rate of 14.69% for whites. The report also noted that the average loan amount in Chicago in 2014 was $288,500. (LendingPatterns™ is an online HMDA data analysis software program developed by ComplianceTech.)

 

“First, we have to raise awareness about the challenges confronting our communities; then develop and implement workable strategies to reverse this stagnating Black homeownership rate that’s now hovering at 42%, down from a high of 49% in 2006. In comparison, homeownership rates for non-Hispanic whites is approximately 74 percent,” Cooper added.

 

Among the conference speakers are: U.S. Congressman Danny Davis, Phil Bracken, Chief Policy Officer, Head of Government & Industry Relations, Radian Guaranty, Viola Solomon, Director, Community Lending Mortgage, BBVA Compass Bank, and Dr. Pamela Jolly, CEO, Torch Enterprises, Inc. and NAREB’s strategist.

 

On Saturday, April 23, 2016, NAREB is hosting Community Wealth Building Day at Whitney Young High School, 211 South Laflin Street, Chicago, IL 60607 from 9:00 a.m. to 3:00 p.m.  The free event is open to all Chicago 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 receive a free credit report and assessment.

 

The Community Wealth Building Day is the culminating event of NAREB’s three-day 2016 Mid-Winter Regional Conferences, this year convened in Oakland, CA (February 18-20), Memphis, TN (March 10-12), (Philadelphia, PA (April 7-9), with the final hub conference in the Chicago, IL area (April 21-23).

 

For more information and to register for the professional real estate conference, visit www.nareb.com.

 

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.