NAHREP Initiative Hopes to Triple Hispanic Household Wealth Over 10 Years
National Association of Hispanic Real Estate Professionals' Hispanic Wealth Project has received the support of an American multinational financial institution, which posseses a $125 billion lending goal, helping to support financial education and counseling, and triple Hispanic household wealth over 10 years.
On September 15, the first day of Hispanic Heritage Month, NAHREP and Wells Fargo Home Mortgage shared insight about the housing initiative, which will spark increased home ownership among Hispanic buyers. Both institutions recognize that homeownership is a vehicle for wealth creation and financial stability, and it's fundamental for diverse workforce hiring and retention. In addition to the funding initiative, Wells Fargo plans to increase the number of Hispanic home mortgage consultants on its sales teams.
The downstream benefits of helping to increase Hispanic homebuying include improved neighborhoods, local businesses, and overall economy. The nation's fastest-growing Hispanic market-focused real estate housing industry trade association, NAHREP, with the support of Wells Fargo, will drive diverse populations toward home ownership.
The NAHREP Hispanic Wealth Project Blueprint has a three-prong goal to facilitate wealth creation by increasing home ownership, increasing the success of small business and increasing savings and investment in non-cash and non-real estate investing among Hispanics in the U.S.
"We look forward to seeing the positive impact on local communities and the continuation of our long standing relationship to advance sustainable homeownership for Hispanic-Americans," Jerry Ascencio, chairman of the NAHREP Foundation, said in a statement.
NAHREP strives for a 50 percent increase in first-year success rate of Hispanic-owned businesses. They'd like to achieve a U.S. Hispanic homeownership rate of 50 percent or greater, and they're striving for a 25 percent increase in the number of Hispanic households owning non-cash financial assets such as stocks, bonds, mutual funds and 401(k) accounts. By helping to address income challenges and credit policies, and increasing homebuyer education and counseling, NAHREP will help Hispanic consumers to be more confident during the homebuying process.
NAHREP and Wells Fargo plan to build and sustain momentum around this important initiative, which help to meet the financial needs of Latinos and create a path for financial success for future generations. The funds proposed by Well Fargo will support a variety of initiatives that promote financial education and counseling, and mortgage originations for Hispanic homebuyers.
Strategies include increasing diverse home mortgage consultants; increasing the company's presence in diverse communities; providing products, processes and programs that support diverse homeownership; and working with referral sources like real estate agents and nonprofit credit counseling agencies. Initiatives like CollegeSTEPS, Go College! Now, and Get College Ready also provide free financial education resources and tools to help students, which prepare citizens for homeownership.
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