CBCF’s With Ownership, Wealth Initiative Presents Best Practices Summit

Marking its five-year anniversary, the With Ownership, Wealth (WOW) Program held its Best Practices Summit on April 5-6th at the Kellogg Conference Hotel at Gallaudet University. The Summit brought together local and national program stakeholders including, members and their representatives, local non-profit practitioners, lenders, advisory boards, and other housing industry professionals to examine past accomplishments and challenges.

WOW was launched in April, 2001, by the Congressional Black Caucus Foundation (CBCF) and its corporate and community-based partners to promote minority homeownership. The work of the WOW Initiative is done mainly through CBCF’s 22 active, local WOW offices. Each local WOW office directs consumers to sources of tangible assistance - education, credit counseling, down payment resources, etc.- and stays with them as they move toward their goal of purchasing a home.

Although the WOW Program has made significant strides in assisting African Americans toward home ownership, closing the homeownership gap between African Americans and other groups remains a challenge. In addition, African-Americans were twice more likely than other groups to be denied a mortgage, illustrating why the mission and purpose of WOW remains relevant.

"WOW is no longer in its infancy stages,” said Dion Spencer, Federal Director of HSBC North America and Advisory Board member of WOW. “This Summit gives us an opportunity to dissect the program in order to see what works and what doesn't. The results will be processed and used as a blueprint for the program's future."

The Best Practices Summit was kicked off with a reception on April 5th, honoring our first winner of the WOW Program of the Year award, Rebirth of Englewood CDC in Chicago. The Rebirth of Englewood Community Development Corporation (ROE CDC) was founded by Congressman Bobby Rush (IL) to provide community and economic development for the Englewood and West Englewood communities located in the heart of Chicago’s south side. Congressman Rush was on hand at the ceremony to present ROE CDC with the award.

“It is a great honor to recognize Rebirth of Englewood Development Corporation. They have truly delivered on the Congressional Black Caucus’s vision to map out a strategy to increase homeownership,” said Rush. “The true reward, however, has always been taking families of renters and converting them into homeowners, which is the foundation for building wealth.” Congressman Clay and Congressman Cummings were also on hand to address participants.

The second day of the Summit began with a welcome address from Dr. Maya Rockeymoore, CBCF’s Vice President of Research and Programs, followed by a keynote speech from Jim Carr, Senior Vice President of Research for the Fannie Mae Foundation and a visiting professor of urban planning at Columbia University. The Summit consisted of three panels presented to facilitate dialogue regarding effective housing counseling strategies and to allow a platform for suggestions on how the National WOW office can assist local WOW offices in implementing these measures.

“This was a highly successful summit,” said Dr. Rockeymoore. “The dialogue that occurred gave us a clearer roadmap of the path of WOW. Now that we have a benchmark, we can determine our next steps toward reaching our goal of increasing the African American homeownership rate. So long as the need for housing and financial literacy exists, CBCF will always be there to answer the call.”

Jimmie Williams, First Vice President, Legislative/Regulatory Affairs of Countrywide Home Loans and WOW Advisory Board Chair, concurred with Dr. Rockeymoore’s statements. “The WOW Best Practices Summit is a good first step in fine-tuning the program to help address complex issues impacting minority homeownership,” said Mr. Williams. “What is more important is that the event focused on some very real homeownership and wealth issues impacting CBC districts, and how WOW and its national partners can help strengthen the local programs.”