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The Project REACh Affordable Homeownership Workstream is focused on sustainably growing minority household wealth by increasing minority homeownership rates. U.S. Census Bureau data shows the homeownership rates for minorities households significantly trailing that of White households. With Americans' primary residences accounting for about 25 percent of their overall wealth, bringing the minority homeownership rate to closer to that of White households can play an important role in reducing the minority wealth gap.
The Affordable Homeownership Workstream is addressing the challenges minority individuals and families face when seeking to purchase homes and addressing barriers that prevent their becoming home buyers. Homeownership is the primary way most individuals and families build wealth in the United States. Unfortunately, the homeownership rates for minorities significantly trail non-Hispanic Whites. This Workstream is seeking to:
The Affordable Homeownership Workstream participants have taken steps to expand homeownership opportunities for low- and moderate-income (LMI) and minority home buyers by:
The Affordable Homeownership Workstream participants have taken steps to expand homeownership opportunities for LMI minority home buyers by: