CHCI National Housing Initiative Launched to Bridge Hispanic Homeownership Divide

Congressional Members, Industry Leaders, and National Housing Advocates Link Resources And Rally Behind Bi-Partisan Effort To Increase Hispanic Homeownership 

(WASHINGTON, DC - SEPT. 24, 2003) – As the rate of homeownership for Latinos continues to lag significantly behind that of the population at large—47 percent vs. 68 percent—a new national housing assistance program has been launched to close the gap.  Today in the Nation’s Capitol, the Congressional Hispanic Caucus Institute (CHCI) launched its National Housing Initiative (NHI) to ensure that by the end of the decade Latinos will share equally in the American Dream of homeownership. 

The NHI will focus on expanding the accessibility of homeownership to Latinos by employing a novel bi-partisan, multi-tiered strategy to identify and develop solutions to address the current obstacles faced by Hispanics.  The effort will target 63 congressional districts – in 11 states – where Latinos comprise at least 25 percent of the constituency.  Three NHI fellows, who were introduced today, will work in concert with an Advisory Committee comprised of Members of Congress, representatives of the lending and real estate industries, as well as advocacy organizations in order to adequately assess the needs of Latinos and implement strategies specially tailored to the varied needs of this extremely diverse community. 

The NHI Advisory Committee includes the following:

• Rep. Nydia Velázquez, Chairwoman, Business and Economic Development Task Force, CHC
• Rep. Acevedo-Vilá, Chairman, Livable Communities Task Force, CHC
• Washington Mutual
• Fannie Mae
• Countrywide
• National Council of La Raza
• Henry Cisneros
• Zixta Martinez
• Cuban American National Council, Inc.
• National Puerto Rican Coalition
• State Farm Insurance Companies
• National Association of Latino Elected and Appointed Officials
• National Association of Hispanic Real Estate Professionals

The initiative will target states including: California, Texas, New York, Florida, New Mexico, Arizona, New Jersey, Colorado, Washington, Nevada, Illinois, and the Commonwealth of Puerto Rico. 

The U.S. Census Bureau projects that by 2010 minorities will comprise nearly two-thirds of the approximately 14 to 16 million new households in this country.  Latinos will account for a substantial percentage of this growth as they did in the past decade.

“If a concerted and coordinated effort is not made to remove the significant barriers faced by Latinos to owning their own home, the percentage of Hispanic homeowners will decrease and the divide between Latinos and the general population will increase,” says CHCI Chairman, U.S. Congressman Ciro Rodriguez.  “The negative consequences of such a trend will be felt in the economic, social and political fabric of this Nation.” 

“There is a large and growing untapped market of minority families waiting to be served. These emerging markets have now become the surging markets.  Fannie Mae, with our lender partners, wants to bring more homeownership to these families,” said Franklin D. Raines, Chairman and CEO of Fannie Mae, who participated in today’s event. 

“We will identify the barriers Hispanic families face when they seek to buy a home.  Then we will create strategies to overcome those barriers.  That’s what this initiative is designed to do, and it’s why Fannie Mae is proud to be a part of it,” said Raines. 

Homeownership has historically and continues to constitute the key ingredient to building wealth, creating vibrant communities that are safe, and enhancing civically engaged families.  All of the foregoing expand the options and horizons of Latino families, their children and ultimately future generations who will reap the benefits that accrue from homeownership. 

Photos from Press Conference