Campaign Launched to Boost African-American Homeownership

WASHINGTON, DC-The Congressional Black Caucus has undertaken an initiative to increase homeownership among African Americans by one million families over the next five years. Among those backing the campaign, called “With Ownership, Wealth,” are the Mortgage Bankers Association of American, the National Association of Realtors, the National Association of Real Estate Brokers, Fannie Mae and Freddie Mac.

WOW hopes to raise the 46.7% homeownership rate among African-American families, which is far below the 73% rate for white families and the 67.5% rate for the country as a whole. The campaign is being launched in the 37 Congressional Black Caucus member districts including: Alabama, California, Florida, Georgia, Indiana, Illinois, Louisiana, Maryland, Michigan, Mississippi, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, the US Virgin Islands and Washington, DC.