A U.S. multinational banking and financial services company has signed on as the anchor funder for a nonprofit organization's program designed to increase Latino homeownership.
Well Fargo announced June 14 that it is supporting HOME (Home Ownership Means Equity), an initiative by the nonprofit, nonpartisan Hispanic civil rights organization UnidosUS. The HOME program "seeks to influence systemic change and catalyze the creation of four million new Latino homeowners by 2030," Well Fargo states in the news release.
“Homeownership has long provided the most effective pathway for families to build generational wealth in America," Janet Murguía, president and CEO of UnidosUS, said in the news release. "While Latinos continue to face barriers in becoming homeowners, they also have the greatest opportunity for homeownership growth in the U.S."
“Our comprehensive strategy will help shape needed policy reforms while providing tools and resources Latinos need to successfully navigate the homebuying process," Murguia said in the release. "Bolstering Latino homeownership isn’t just smart policy; it will pay economic dividends to neighborhoods, communities, and our country.”
The HOME program will prepare homebuyers for the home-buying process by modernizing lending rules to create greater access to credit; increase the supply of available housing through zoning and federal tax-policy reforms, and support for the construction labor force; improving accessibility of renovation loans and supporting measures to ease inter-generational wealth transfer to preserve homeownership in marginalized communities; launch community programs on consumer education and housing counseling to guide prospective Latino homeowners through the homebuying process; and push to increase Latino representation in housing-industry leadership to provide "lived experiences."
The Urban Institute’s Housing Finance Policy Center serves as research partner for the HOME initiative, and will provide data and analysis for UnidosUS to use to develop an "evidence-based strategy," according to Janneke Ratcliffe, the center's vice president.
“Latino households are poised to drive most net new homeownership in the United States through at least 2040,” Ratcliffe said in the news release.
"We will support the development of evidence-based practices, track progress in meaningful ways," Ratcliffe said, "and work to bridge knowledge gaps to move toward a more equitable state of homeownership in America.”
Well Fargo is investing $10 million to support the development and implementation of the HOME program, according to the release, as part of its $25 million in UnidosUS and nonprofit affiliate partner community programs to promote Latino homeownership. Wells Fargo's $10 million in HOME funding matches a $10 million investment in the initiative by UnidosUS and launches a $100 million fundraising effort to support the program for the next seven years, the release reports.
“We need to make homeownership more accessible, especially in historically marginalized communities,” Kristy Fercho, head of Diverse Segments, Representation and Inclusion at Wells Fargo, said in the release. “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.