The initiative will help break down barriers
to homeownership for Latinos; Wells Fargo signs on as first anchor
funder
WASHINGTON, June 14,
2023 /PRNewswire/ -- UnidosUS, a nonprofit,
nonpartisan Hispanic civil rights organization, has launched HOME
(Home Ownership Means Equity), a new initiative that seeks to
influence systemic change and catalyze the creation of four million
new Latino homeowners by 2030. HOME will address multifaceted
challenges Latinos face in trying to buy a home by expanding market
opportunities and providing potential homeowners with the resources
they need to navigate the home-buying process.
Today UnidosUS and Wells Fargo launched the
HOME initiative which aims to create four million Latino homeowners
by 2030.
Wells Fargo is the first anchor
funder of the HOME initiative as part of a larger, $25 million philanthropic investment in UnidosUS
community-focused programs and nonprofit Affiliate partners to
advance Latino homeownership. Of the $25
million in grant funding, $10
million will support the development of the HOME initiative,
matching a $10 million investment
from UnidosUS and kick-starting a robust $100 million fundraising effort to best undergird
the program's goals over the next seven years.
UnidosUS has long been committed to helping mortgage-ready
Latinos and aspiring homeowners create pathways to build their
credit, afford a down payment, overcome language barriers, avoid
predatory lending and get approved for a sustainable mortgage. The
HOME initiative is a cross-sector partnership that will accelerate
and expand the possibilities for Latino homeownership opportunities
in the U.S.
"Homeownership has long provided the most effective pathway for
families to build generational wealth in America. While
Latinos continue to face barriers in becoming homeowners, they
also have the greatest opportunity for homeownership growth in the
U.S. To maximize this opportunity, we are launching the
HOME initiative to help create four million new Latino homeowners
by 2030," said Janet Murguía, President and CEO of UnidosUS.
"Our comprehensive strategy will help shape needed policy
reforms while providing tools and resources Latinos need to
successfully navigate the homebuying process. Bolstering Latino
homeownership isn't just smart policy; it will pay economic
dividends to neighborhoods, communities and our country."
"We need to make homeownership more accessible, especially in
historically marginalized communities," said Kristy Fercho, head of Diverse Segments,
Representation and Inclusion at Wells Fargo. "We will continue
to expand our programs to reach more customers in underserved
communities by leveraging our strong partnerships with UnidosUS and
other non-profit organizations to break down the systemic barriers
that make homeownership more difficult to attain and help make the
dream of homeownership accessible to all Americans."
"Latino households are poised to drive most net
new homeownership in the United
States through at least 2040. As the research partner for
HOME, we are excited to bring data and analysis to help UnidosUS
craft an evidence-based strategy to unlock this potential," said
Janneke Ratcliffe, Vice President
of Urban Institute's Housing Finance Policy Center. "We will
support the development of evidence-based practices, track progress
in meaningful ways and work to bridge knowledge gaps to move toward
a more equitable state of homeownership in America."
The UnidosUS HOME initiative will support homebuyer readiness,
expand credit access, increase housing supply and preserve
homeownership. Specifically, the UnidosUS HOME agenda
will:
- Create access to credit by modernizing lending rules,
supporting ITIN holders and self-employed borrowers,
diversifying language access and enhancing credit access for
innovative housing solutions
- Increase housing supply by supporting increased density through
zoning reforms, leveraging federal tax policy to boost supply for
first-time homebuyers and supporting construction labor
force
- Preserve homeownership by leveraging interagency appraisal
task force, enhancing accessibility of home renovation loans and
supporting policies facilitating inter-generational wealth
transfer
- Activate select UnidosUS's community-based Affiliate
organizations to provide consumer education and housing counseling
that help prospective Latino homeowners make informed decisions in
their homebuying journey
- Bolster the representation of Latino leadership, among other
mechanisms, to empower leaders with lived experiences in the
housing industry
To power various elements of the HOME initiative, UnidosUS will
launch the first cohort of cities slated to receive targeted
investments through the HOMEownership Solutions Network. The HOME
initiative's first cohort includes Chicago, Illinois; Phoenix, Arizona; Stockton, California; Orlando, Florida; and Houston, Texas, communities with large Latino
populations and tremendous housing opportunities for prospective
Latino homebuyers and builders. The initiative will continue to
expand into other states across the country through future
cohorts.
The HOMEownership Solutions Network will support versatile
approaches to sub grant investments, local data analytics,
communications, policy reform and serve more families by investing
in the Wealth and Housing Alliance, UnidosUS Counseling Connecting,
and Financial Empowerment Network; and train more housing
counselors and financial coaches through the UnidosUS Learning
Alliance. Additionally, the network will create innovative market
opportunity pilots around topics like mortgages for ITIN holders
and estate planning.
UnidosUS has more than 25 years of experience building solutions
that advocate for and enable access to affordable homeownership and
economic mobility for Latinos. The organization operates one
of the largest HUD-certified housing counseling networks with
nearly 50 housing counseling agencies in 27 states and a nationwide
call center. Undergirding those efforts is the Raza
Development Fund, the largest Latino-serving Community Development
Financial Institution (CDFI) in the country. Through the Raza
Development Fund, UnidosUS has supported Affiliate organizations
serving Latino families in 38 states with technical assistance and
financing for major housing development projects. Building on
this track record, UnidosUS will leverage its network of nearly 300
community-based Affiliate organizations that directly serve the
Latino population across the country to strengthen its commitment
to open doors for more Latinos to participate in our economy and
transform their financial well-being.
As the largest bank lender to Black and Hispanic families for
the last decade, Wells Fargo remains deeply committed to advancing
racial equity in homeownership. We are encouraged by the impact of
our recent efforts and are committed to maintaining and sharpening
our strategic focus on serving minority customers. Real-world
results observed to date demonstrate that the steps taken by
lenders like Wells Fargo to enhance service delivered to minorities
can make a difference. Even amid such results, it will take time
and consistent effort to have a meaningful impact. While individual
actions are foundational, the causes of disparities in
homeownership are systemic, and so the path to lasting progress
depends on collaboration across the industry. Wells Fargo looks forward to continuing to play a
leading role in the crucial, industry-wide effort to advance racial
equity in homeownership.
For more information about the HOME initiative, please visit
https://unidosus.org/homeownership.
About UnidosUS
UnidosUS is a nonprofit, nonpartisan
organization that serves as the nation's largest Hispanic civil
rights and advocacy organization. Since 1968, we have challenged
the social, economic, and political barriers that affect Latinos
through our unique combination of expert research, advocacy,
programs, and an Affiliate Network of nearly 300 community-based
organizations across the United
States and Puerto Rico. We
believe in an America where economic, political, and social
progress is a reality for all Latinos, and we collaborate across
communities to achieve it. For more information on the UnidosUS
HOME initiative, visit https://unidosus.org/homeownership.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading
financial services company that has approximately $1.9 trillion in assets, proudly serves one in
three U.S. households and more than 10% of small businesses in the
U.S., and is a leading middle market banking provider in the U.S.
We provide a diversified set of banking, investment and mortgage
products and services, as well as consumer and commercial finance,
through our four reportable operating segments: Consumer Banking
and Lending, Commercial Banking, Corporate and Investment Banking,
and Wealth & Investment Management. Wells Fargo ranked No. 41 on Fortune's 2022 rankings
of America's largest corporations. In the communities we serve, the
company focuses its social impact on building a sustainable,
inclusive future for all by supporting housing affordability, small
business growth, financial health, and a low-carbon
economy.
News, insights, and perspectives from Wells Fargo are also
available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo
Media Contacts
Stephanie Báez (UnidosUS)
sbaez@globalstrategygroup.com
Cova Najera (Wells
Fargo)
cova.najera@wellsfargo.com
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SOURCE UnidosUS