U. S. Conference of Mayors Embraces Congressional Black Caucus Foundation Homeownership Initiative

(Washington, DC) The Congressional Black Caucus Foundation’s (CBCF) homeownership Initiative, “With Ownership, Wealth” (WOW) took center stage at the U.S. Conference of Mayors’ 70th Annual Meeting in Madison, WI recently. Noting that minority homeownership grew four times faster than that of whites in 1990s, the mayors passed a resolution actively embracing WOW, and issuing a call to action for its members.

“The Congressional Black Caucus Foundation welcomes the U.S. Conference of Mayors as a partner in this important homeownership Initiative,” said Weldon J. Rougeau, President of The CBCF. “By doing everything in our power to increase homeownership in these underserved groups, we contribute directly to the wealth and stability of our communities.”

Submitted by Mayor Scott L. King of Gary, IN, the resolution points out that the combined homeownership rate for African Americans and Hispanics is only 48 percent, while that of whites is 74 percent. It also acknowledges the tremendous advantages of creating wealth, in the form of accumulated equity, tax savings, and mortgage interest rate deductions.

Congressman William J. Jefferson, Chairman of the CBCF Board of Directors praised the resolution as an excellent first step towards reducing the inequity in homeownership rates. “The mayors of our great cities are powerful voices for homeownership, and can give our Initiative a tremendous boost,” he said. “As we continue the work of creating one million new African American homeowners by the year 2005, we must form partnerships with local community leaders who share our goals and our values.”

The organization issued a charge to its membership calling on mayors to “…develop public/private coalitions to provide citizens, in the minority and traditionally underserved neighborhoods, with enhanced opportunities to attain homeownership.”

The resolution further acknowledges the need for all groups to increase financial literacy in the affected group, and pledges to bring together civic, business, and community leaders who can help consumers by giving them access to the tools and the information needed to build solid financial portfolios.

Finally, the mayors called upon the nation to “…renew its commitment to fair housing laws that safeguard every American’s opportunity to purchase a home in the neighborhood of his or her choice, further contributing to the stabilization and revitalization of communities in America’s cities.” WOW is an Initiative of the Congressional Black Caucus Foundation in partnership with national leaders in the real estate finance, mortgage, and nonprofit housing industries.