Asset Building for Immigrant Communities Through Affordable Homeownership
by Laura Altomare of Homewise
Homeownership is one of the most important ways that Americans create financial security and build wealth, which are critical to a family’s financial well-being and quality of life. According to the Federal Reserve’s 2016 Survey of Consumer Finances, the median net worth of a homeowner is $231,400 compared to $5,200 for renters, barely two percent of the homeowner’s wealth. Federal Reserve data tell us that the typical white household owns 10 times the wealth of a Latino household and researchers at Brandeis University found homeownership was the most important factor explaining the racial wealth gap. Homewise serves an economically distressed population who are mostly low-income living in the greater Santa Fe and Albuquerque areas of New Mexico. The majority of our clients identify as Latino (69 percent of households) and 42 percent are members of foreign-born households.
Many families, especially those in the immigrant and Spanish-speaking population, face obstacles that lock them out of the long-term economic benefits of homeownership. Homewise addresses these obstacles through a two-pronged strategy that combines Spanish-speaking financial capability and homebuyer education with access to affordable capital through our unique New American Mortgage Lending Program.
Read Laura's full blog post that covers "Advancing Family Financial Capability: Financial Capability and Homebuyer Education" as well as :Access to Affordable Mortgage Lending Capital: New American Mortgage Lending Program" all here - https://greenmoney.com/asset-building-for-immigrant-communities-through-affordable-and-sustainable-homeownership
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