Realtor.com® is
donating the first $100,000 to the
Homeownership Council of America's new Equity DPA Fund and matching
donations of those who respond to its Closing the Gap
Challenge
SANTA
CLARA, Calif., April 7,
2022 /PRNewswire/ -- In April, we celebrate National
Fair Housing Month, but data shows the realities of inequality and
a history of discriminatory policies are still blocking
homeownership for underserved and underrepresented communities. As
a result, Realtor.com® is challenging others in
the real estate industry to join us in our Closing the Gap
Challenge, launched today.
Realtor.com® is teaming up with the
Homeownership Council of America (HCA) and donating the first
$100,000 to their new Equity Down
Payment Assistance Fund that targets BIPOC (Black, Indigenous, and
people of color) and low to moderate income home buyers.
Realtor.com® will then match every donation by
HCA's Equity DPA fund through June 30,
2022, up to $100,000. This
challenge is part of Realtor.com®'s new Closing
the Gap program that focuses on addressing the homeownership
disparity in America.
According to Realtor.com®, the homeownership
rates for Blacks (43.1%), Hispanics (48.4%), and Asian, Native
American, Pacific Islanders (61.2%) are still well below the
ownership rate of whites (74.4%).
"At Realtor.com®, we believe it's our
responsibility to not only address disparity in homeownership but
bring others alongside to take up the challenge. As a company, we
strive to make a positive impact on fair housing issues, but as an
industry we have the power to eliminate it," said Mickey Neuberger, chief marketing officer for
Realtor.com®. "With our Closing the Gap
Challenge, we are inviting other leaders in the real estate
industry to donate to HCA's Equity DPA fund that specifically helps
people of color and low to moderate income consumers afford down
payments and closing costs. Survey data shows having enough for a
down payment is one of the largest barriers to homeownership and
with this fund we can directly help people break through to start
building generational wealth."
The Homeownership Council of America will manage distribution of
the funds following their guidelines. To be eligible the applicant
must, among other things, be a first-time home buyer (per HUD, not
a home owner for 3 years prior to home purchase date), participate
in homebuyer education provided by a housing counseling agency
approved by either the HUD, Freddie Mac, or Fannie Mae and must be
either low to moderate income ("LMI") or Black, Indigenous,
Hispanic Latino, Mixed Races & Ethnicities, or People of Color
("BIPOC").
Gabe del Rio, CEO of HCA added,
"We are thrilled to launch Equity DPA for the pilot states, with
Realtor.com® as our first major donor. We ask that other
major companies follow in their footsteps and join forces to narrow
the homeownership gap. Our initial goal is to reach at least 5,000
underserved homebuyers nationally; as we efficiently deploy donor
funds to deserving
households who are striving to attain homeownership. We are
prioritizing new areas with donor interest and consistent data
analysis of the racial and ethnic homeownership gap."
Companies who want to participate in the Closing the Gap
Challenge should contact HCA by email at
info@homeownershipcouncil.org or visit the website and
complete an inquiry form
at homeownershipcouncil.org/equitydpa.
This challenge is part of Realtor.com®'s new
Closing the Gap program that's focused on increasing the
homeownership rate of racial minorities. Other initiatives recently
launched as part of this program include:
- A down payment assistance search tool on Realtor.com/for
everyone where consumers can see if they are eligible for programs
that can help fund their home purchase. This search functionality
is provided by DownPaymentResource.com who has created a platform
that matches buyers with programs that meet their individual home
buying needs.
- A down payment assistance guide to educate potential buyers on
the types of programs available.
- A micromortgage resource center pilot with Fahe, a non-profit
mortgage lender, in the Louisville,
Kentucky metro area, with the goal of expanding to other
markets. The program focuses on homes priced $100,000 or less with the goal of expanding
access to providers of small-dollar mortgage products, so more
people can achieve sustainable homeownership.
- A free First-time Homebuying 101 eBook in both English and
Spanish that educates readers on the process of buying their first
home.
For more information about Realtor.com's commitment to Fair
Housing visit: realtor.com/foreveryone.
About
Realtor.com®
Realtor.com® makes buying, selling, renting and
living in homes easier and more rewarding for everyone.
Realtor.com® pioneered the world of digital real estate
more than 25 years ago, and today through its website and mobile
apps offers a marketplace where people can learn about their
options, trust in the transparency of information provided to them,
and get services and resources that are personalized to their
needs. Using proprietary data science and machine learning
technology, Realtor.com® pairs buyers and sellers with
local agents in their market, helping take the guesswork out of
buying and selling a home. For professionals,
Realtor.com® is a trusted provider of consumer
connections and branding solutions that help them succeed in
today's on-demand world. Realtor.com® is operated by
News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move,
Inc. For more information, visit Realtor.com®.
Media Contact
nicole.murphy@move.com
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SOURCE Realtor.com