Magazine article Nation's Cities Weekly

NAACP, Fannie Mae Announce Homeownership Alliance

Magazine article Nation's Cities Weekly

NAACP, Fannie Mae Announce Homeownership Alliance

Article excerpt

Minority families in many cities can look forward to new opportunities for homeownership, thanks to a new partnership between Fannie Mae and the National Association for the Advancement of Colored People (NAACP).

The five-year effort, according to an announcement made last week, will expand mortgage financing, and provide additional homeownership counseling and information to minority families looking to fulfill their personal American dream of buying their own house.

The homeownership rate among minorities is markedly lower than that for whites (45% compared to 73%), a fact which is easily overlooked in a market with a high overall homeownership rate.

"Although the national homeownership rate is at a record 66.8 percent, the rate of homeownership for minority Americans remains substantially lower," Franklin Raines, Fannie Mae's chairman and chief executive officer, pointed out at a news conference announcing the partnership.

The services and programs to potential home buyers will be managed through the NAACP's outposts, known as Community Development Resource Centers (CDRCs), in eight U.S. cities. The CDRCs, are located in Atlanta, Ga., Austin, Tex., Baltimore, Md., Charlotte, N.C., Columbia, S.C., Fort Lauderdale, Fla., Gary, Ind., and Richmond, Va.

The CDRCs already provide a wide range of consumer lending and business development counseling services.

The NAACP plans to serve an additional 20,000 African-American households with information about how they can become first-time homebuyers, through outreach of the CDRCs.

Products and services such as financial counseling and low-interest loans will be possible through the new partnership with Fannie Mae and lenders such as NationsBank. …

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