Housing Initiative Launches Consumer-Friendly Homeownership Web Site

(Washington, DC) In an effort to reach a maximum number of consumers who are interested in becoming homeowners, the Congressional Black Caucus Foundation’s “With Ownership, Wealth” (CBCF WOW) Initiative announced today that its newly-reconfigured Web Site is open for business. “We do not yet have active homeownership programs in every state of the union, so this is a very useful tool that allows interested parties to walk through the process of getting ready to buy a house in the privacy of their own homes,” said Weldon J. Rougeau, CBCF President.

The site features several new devices that are consumer friendly, and links to some of the standard sites that have historically provided guidance to potential homeowners. “After two years of working to increase the African American homeownership rate through the efforts of our WOW Partners, we are now moving to a more aggressive outreach process that will extend beyond the geographic areas upon which we were initially concentrating,” said Paul Mullings, Chairman of the WOW Executive Committee. All WOW partners are listed on the site, and with just a click, consumers can go directly to the home sites of those lending institutions and nonprofit organizations.

Anyone who is interested in becoming a homeowner can log on to the site www.wowcbcf.org, and click on the various tools. A very prominent feature is the Freddie Mac Roadmap to Homeownership. It is an online tutorial that helps the consumer understand the significant role personal credit plays in homeownership. There is also a direct link to the Fannie Mae site that offers guidance and information to potential homeowners. Those who think they may have challenges with their credit will find a tool that can help them figure their credit scores, and follow the advise and instructions listed there. From the WOW Home Page, they can also be connected directly with the site for the National Foundation for Credit Counseling (NFCC). This site holds a wealth of information on the thousands of credit counseling agencies available to consumers.

Another aspect of the site that consumers should find particularly interesting is the page that shows the list of homeownership activities that are being conducted throughout the country. There are also frequent updates on national programs and studies conducted by stakeholders in the real estate finance community. That makes the WOW Web address the most complete site dedicated specifically to the dissemination of information on how to achieve homeownership, and connects site visitors to real estate finance firms that have made a strong commitment to raising the rate of African American homeownership.

The WOW Initiative was launched in April of 2001 at the National Press Club in Washington, DC. With the backing of many organizations and companies in the real estate finance and housing policy industry, this Initiative is dedicated to creating a million new African American homeowners by the year 2005.

The CBCF serves as a nonpartisan, policy-oriented catalyst to educate future leaders and promote collaboration among community and business leaders, minority-focused organizational leaders, and organized labor to effect positive and substantive change in the African American community.