Wells Fargo invests $25 million in package of philanthropic grants
UnidosUS, a Hispanic civil rights non-profit, has launched a campaign that aims to “catalyze the creation of four million new Latino homeowners by 2030.”
According to a release, the new HOME (Home Ownership Means Equity) initiative will help Latinos to build their credit, afford a down payment, overcome language barriers, avoid predatory lending, and get approved for a sustainable mortgage.
The effort includes diversifying language access, supporting zoning reforms to increase density, utilizing tax policy to boost supply for first-time homebuyers, and leveraging an interagency appraisal taskforce. Additionally, UnidosUS, which operates one of the largest HUD-certified housing counseling networks, will create pilots around topics like mortgages for ITIN holders and estate planning.
“While Latinos continue to face barriers in becoming homeowners, they also have the greatest opportunity for homeownership growth in the US. 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.”
Wells Fargo joined the effort as an “anchor funder,” investing $10 million in philanthropic grants for the HOME initiative and $15 million for other UnidosUS community-focused programs and non-profit affiliate partners.
“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.”
Read more: Latino home loans – why it’s time to cater to this market
The non-profit said it will launch the first targeted investments in several cities with large Latino populations (Chicago, Phoenix, Orlando, Houston, and Stockton, Calif.) with plans to expand into other states in the future.
“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.”
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