Your Role in Racial Homeownership Equity
Let’s Work Together
No matter your organization or role, homeownership industry professionals can make an impact as we all work together to increase equitable access to homeownership in Minnesota. Below are specific suggestions to help guide you as you think about the ways you can make a difference.
Ways Industry Partners Can Help:
Real Estate Professionals
- Continue learning about products and resources available to help interested buyers become successful homeowners through pre-purchase counseling, credit repair, down payment assistance programs and safe, affordable mortgages.
- Get involved in your local and state REALTOR® Association committees to help develop industry programs and build relationships with leaders in minority community businesses and organizations.
- Request the Center’s free 1.0 CE Course for REALTORS® covering how to become a trusted advisor and expand your work with low- to moderate-income homebuyers and Minnesota’s diverse communities.
- Increase the level of mortgage lending to BIPOC households.
- Create defined partnerships with real estate professionals and community organizations to provide resources for denied applicants.
- Be data driven and continue to review Home Mortgage Disclosure Act (HMDA) data to recognize and dismantle barriers for borrowers of color.
- Create and promote credit building opportunities that promote savings.
- Consider matching dollars for down payment savings, recognizing there is no generational wealth to be passed down for many households of color.
- Expand outreach to understand specific needs of the communities you want to serve, and use that knowledge to explore new ways to increase awareness about how demographic changes can present new business and community strengthening opportunities.
- Include financial counseling in homebuying programs.
- Understand the impacts of Fair Housing laws on consumers.
- Lead by example by providing resources and programs that better serve households of color.
- Form strong partnerships and alliances and research best practices within private sector.
- Partner with the Center’s Homeownership Advisors Network to provide financial counseling in homebuyer education.
- Enhance programs and provide training and tools that expand access to credit for underserved minority communities.
Working Together, We Can ALL:
- Become more culturally competent and better understand the unique background, housing needs and buying potential of communities of color.
- Get involved in community development and outreach to increase awareness that homeownership is possible.
- Work with educational institutions to highlight career opportunities and career paths for students of color.
- Promote mentorship and other programming to encourage people of color to enter the mortgage industry.
- Hire and retain culturally diverse and culturally competent employees.
- Get involved with the Homeownership Opportunity Alliance.
- Strengthen relationships with communities and organizations of color.
- Attend events that engage communities of color.
- Offer marketing material and program information in multiple languages and have interpretive services available to help consumers learn about programs and services.
- Share personal consumer stories (with permission) in marketing material that demonstrate a clear path to homeownership.
- Create defined partnerships and set specific goals to do your part to close the homeownership gap.