Washington, DC – Latest available *analyzed mortgage lending data indicates that Black American residents comprising 30.9% of the City of Chicago’s population, received only 5,032 (8.7%) of new mortgage loans. In contrast, Whites representing just over 32% of the city’s population received 32,782 (57%) of all new mortgages.
The National Association of Real Estate Brokers (NAREB), the nation’s oldest minority real estate trade group is working to change this statistical landscape through accessible and accurate information about homeownership directed toward Black consumers. On Saturday, May 26, 2018, 10:00 a.m. – 4:00 p.m. Black Chicago area residents are invited to attend NAREB’s Community Wealth Building Day to learn from lenders, government officials, and housing counselors how to build wealth through homeownership and understand that a home purchase is within reach. The free event, held in conjunction with NAREB’s local chapter, the Dearborn Realtist Board and NID Housing Counseling Agency takes place at Malcolm X College, 1900 W. Jackson Blvd., Chicago, IL 60612.
“The Chicago mortgage lending disparity is beyond startling. Think how many of the city’s neighborhoods could be revitalized if more Black residents knew they could purchase homes. The city’s tax base would increase, more businesses could thrive in owner-occupied neighborhoods, and they would become desirable places to live, and raise families. At the same time, homeownership improves economic futures for Black American residents,” said Jeffrey Hicks, President, National Association of Real Estate Brokers.
Consumers can expect to hear and talk to experts about: purchase assistance funds; understanding the mortgage process; what to expect from a lender and what questions to ask; the impact of student loans on mortgage loans; solving bad credit issues; the value of home ownership counseling, along with other key topics. Consumers are encouraged to ask questions from the experts to get the answers they need about home purchase or real estate investment strategies. The first 100 people at Community Wealth Building Day will receive a free credit report and an assessment.
“We are thrilled to offer the community an opportunity to take control of their financial destiny by getting the tools they need to become a homeowner and build equity for their family,” said Jones. “Many people can afford a home based on the rent they pay, but they don’t have those tools in place to get on that path, such as improving their credit score, saving for a down payment and mining the homebuying process; we will help them develop these skills so they walk out of our event with the mindset of becoming a homeowner.”
Special guests speaking at the lunch program include: Congressman Danny Davis, State Rep. LaShawn Ford, Alderman Michael Scott, Cook County Land Bank Authority Executive Director Rob Rose and others, in addition to remarks from two event sponsors, Wells Fargo and Bank of America.
The day kicks off with a celebratory ribbon-cutting ceremony at 9:45 a.m. opening the Vendor Showcase and admittance to the consumer information sessions, the Clergy Roundtable, and complimentary lunch for all attendees. Families are encouraged to bring their children to have fun in the Kids Zone, which includes, face painting, music and more. Throughout the day, event participants can register for prizes including a washer/dryer combo, flat screen TVs and other giveaways as they interact with Community Wealth Building Day exhibitors.
“NAREB has started a movement, our 2 Million New Black Homeowners program to establish a new wealth building platform for Black Americans, nationwide. The program is not only our commitment, but our responsibility and obligation to our community. That’s why we’re bringing this consume-focused event to Chicago,” Hicks added.
For more information and to register for the FREE Community Wealth Building Day, sign up online at https://tinyurl.com/communitywealthbuilding2018.
* Latest available Home Mortgage Disclosure Act (HMDA) data for Chicago analyzed by LendingPatterns™, an online HMDA data analysis software program developed by ComplianceTech.
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. Or call 301-552-9340.
About Dearborn Realtist Board
The Dearborn Realtist Board is the oldest African American real estate trade association. Established in 1941, the area where African Americans resided was a community in Chicago called Dearborn, which stemmed from 22nd St. on the north, south to 63rd St., east to the Lake and west to Wentworth St. This area is where our founding Presidents established their office, and the name Dearborn Realtist Board was formed. The Dearborn Realtist mantra is “Democracy in Housing”. We are at the forefront of economic development in housing in the African American community.