With the passing of the Fair Housing Act in 1968, the black homeownership rate increased for 30 years and 2004 marked the climax of this peak nearly reaching 50 percent in the homeownership rate. In 2019, however, the homeownership rate for black households hit a record low standing still at 40.6 percent. The black homeownership rate has never been this low ever since the time when housing discrimination was legal. But more troubling is the widening wealth gap between the black and other ethnic groups in the country. The African American homeownership rate as of Q4 2019 was at 44.0 percent. This is 33.7 percentage points lower than the Non-Hispanic white homeownership rate. It is also 4.1 percentage points lower than the Hispanic homeownership rate. This shows that the situation for African Americans is critical, signaling deep social implications for the future African American communities and neighborhoods.
If as a community we fail to take charge of the situation early enough, we might be in a very bad place in the future. The National Association of Real Estate Brokers (NAREB) together with the National Association for the Advancement of Colored People (NAACP) in February this year announced a joint effort that focuses on ensuring that the African Americans and their families have access to financial awareness programs, appropriate financial products, counseling services, and financial assistance in an effort to bridge the wealth gap between African Americans and other ethnic groups in the country through property investment.
“NAREB stands together with the NAACP in this commitment to our members, leaders, and most importantly, our clients and constituents, with the goals, objectives, and initiatives outlined in this memorandum of understanding,” stated NAREB President Donnell Williams in a statement to Atlanta Daily World.
To seal the deal and to show their commitment to this arrangement, leaders of the two groups signed a memorandum of understanding that acknowledged the strengthened and expanded relationship between NAREB and NAACP. Each of the institutions certified offices everywhere in the united states will be able to offer their services and resources to their clients. One of the building blocks of wealth creation is education and this initiative will bring an impact to the African American community. This empowerment program will also allow the organizations to offer a variety of other programs, for example, targeted market research, homeownership events, targeted multimedia public service announcements and a referral network of real estate professionals.
“This agreement demonstrates the power of relationships through partnership. Our members are the commanders and guardians of our communities and this [memorandum] will provide the template, framework, and formula for successful collaboration which will create positive change nationally and globally. We must work together to organize and strategize our efforts.”
To achieve the ambitious goals set by NAREB, especially the 2MN5 program (2 million new black homeowners in 5 years) we need to have a countrywide collaboration with each and everyone playing his part and that is why The Power Is Now Media is here to make sure that we bring you programs that education, inspire and motivate you to take action towards homeownership. We also want to make sure that you are connected to the right people and realtors who will help you in the journey towards homeownership.
With that said, we are connected wit numerous real estate agents all across the country and we have our very own VIP Agents spread across the state of California who are available to help you in any way. They are ready to assist you to rent or buy a home. Did you know that it is possible to buy a home with little to no money down? Find out more about this program talking to one of our VIP Agents at https://www.thepowerisnow.com/vipagentsservices/. If you’d like to keep yourself with up to date with the current developments, visit our blogs page at https://www.thepowerisnow.com/blog/. In addition, if you’d like to set an appointment and speak to me directly, use the following link, https://calendly.com/thepowerisnow/ericfrazier.
Disclaimer: The views and opinions of Eric Lawrence Frazier are his own and do not necessarily represent views of First Bank or any organization affiliated with Eric Lawrence Frazier or the Power Is Now Media Inc. First Bank is an Equal Credit Opportunity Lender. Eric Lawrence Frazier MBA is also a Vice President and Mortgage Advisor with First Bank. NMLS#461807 and a California Licensed Real Estate Broker DRE# 01143482. Email: Eric.frazier@fbol.com. Ph: 714- 475-8629.
Eric Lawrence Frazier MBA
President and CEO
The Power Is Now Media Inc.
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