Homeownership

Overview

Homeownership is the “American Dream” because of the many benefits it provides families. Homeowners tend to have access to better community services and schools, and to more stable neighborhoods, and their children tend to be healthier and do better in school. Moreover, owning a home is the primary way to build wealth in American society. Homeowners are able to leverage their home equity to send their children to college, open new businesses, save for retirement, and enjoy significant tax relief. Unfortunately, Hispanic families have not enjoyed the same access to homeownership as other Americans. Untraditional sources of credit, lack of affordable units and information about the homebuying process, and other market barriers keep many families from becoming homeowners.

NCLR Position

Latino families must have equal access to mortgage financing. To increase Hispanic homeownership substantially, all sectors – public, private, and non-profit – must work together to craft flexible mortgage products and outreach activities that will increase access to the mortgage market. This includes making the increase of Hispanic homeownership both a business and policy priority, demonstrated through strategic planning and allocation of resources. Latino families stand to represent a significant portion of new homeowners in the coming years; their financial needs cannot be ignored.

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