REGISTER HERE For 10 AM Event at Mount Vernon High School
Learn to Become Homeowners, Build Wealth, and What to Do with Big Mama’s House
Right in the heart of Mount Vernon, at the prestigious Mount Vernon High School, the National Association of Real Estate Brokers (NAREB) Building Black Wealth Tour is holding its Mount Vernon Community Day on Saturday, April 13 at 10 AM. This event, featuring Mount Vernon Mayor Shawyn Patterson-Howard, is not just a gathering but a stepping stone towards a brighter financial future. It will provide you with the necessary steps towards homeownership, property investment, credit building, and other wealth-building opportunities, all within the context of your own community.
This event is a testament to the power of collaboration. Working hand in hand with the Church Of God In Christ, the African American Mayors Association, the National Bar Association, Delta Sigma Theta Sorority, Alpha Phi Alpha Fraternity, and Phi Beta Sigma Fraternity, we have curated a comprehensive program. The event will include classes, workshops, and one-on-one counseling on homebuying, investing, credit, and careers in real estate. Our collective aim is to empower Black residents with the information they need to build wealth, fostering a stronger and more prosperous community.
At the event, a diverse group of professionals, including NAREB members (Realtists), lawyers, housing counselors, and lenders, will be available for one-on-one counseling. Moreover, the HUD-approved NID Housing Counseling Agency will provide consumers with free credit reports and counseling, ensuring that everyone can benefit from this event.
Speakers will include:
- Shawyn Patterson-Howard, Mt. Vernon Mayor and President of African American Mayors Association
- Kilimanjaro Toussaint, NAREB Local Board President
- Courtney Johnson Rose, NAREB President
- Demetria L. McCain, Principal Deputy Assistant HUD Secretary for Fair Housing and Equal Opportunity (FHEO)
- Elsie Cooke-Holmes, National President & Board Chair, Delta Sigma Theta Sorority
- Nelson Ramos, Wells Fargo, Vice President, Senior Business Growth Strategy
- Ray Carslile, President/CEO at NID Housing Counseling Agency
- Ronnie Devoe and Marvetta Bozeman,Wonder Twins of Real Estate
- Malik Yoba, Yoba Real Estate Development
- Pastor Carlton Spruill, Allen Memorial Church of God in Christ
Mount Vernon, located just north of the Bronx, has a diverse demographic profile, with a significant portion of its population being African American. The city’s population is 58% African American, but the Black homeownership rate is 34%, well below the 45% national average. Various factors, including economic stability, access to affordable housing, and the availability of mortgage loans, influence homeownership rates.
While Mount Vernon’s overall median household income has been steadily increasing over the years, Census data shows that the median income for Black households in Mount Vernon is still significantly lower than that of White households. This economic disparity makes it more challenging for Blacks to save for a down payment and afford monthly mortgage payments, ultimately impacting their ability to become homeowners.
The NAREB Mount Vernon event offers sessions designed to help residents become homeowners. They include:
- Clergy and Community Leaders Roundtable
- Seller’s Class – I Have Equity…Now What Presenters/Moderator: Realtist Members
- What to do with Big Mama’s House?
- Show me the Money! Downpayment Assistance and Resources
- Careers in Real Estate
- Investing in Real Estate
- The Value of a Realtist as Your Real Estate Professional
Dr. Rose has made closing the racial wealth gap a priority for NAREB. She calls it “intolerable,” noting that NAREB’s 2023 State of Housing in Black America Report (SHIBA) found that the 400 wealthiest Americans control the same wealth as all 48 million Blacks in the United States. The Federal Reserve acknowledges that, on average, Black families own about 24 cents for every $1 of White family wealth. And Brookings, the widely respected think-tank, says Whites have a median family wealth of $171,000, compared to $17,600 for Blacks.
“The disparity has widened over time, perpetuating systemic poverty in communities of color,” said Dr. Rose. “Closing the racial wealth gap is essential for achieving true racial equality and has positive effects on American society. With greater economic equality, studies show lower crime levels, better health outcomes, higher social trust, and less divisiveness. Building Black wealth can contribute to a more equitable society, promote upward mobility and social equality, and foster economic stability and growth. “
Homeownership is the primary driver of Black wealth, and a Fannie Mae survey found that 89% of all Black renters intend to own a home in the future.
Yet, the 2023 SHIBA report noted that Black homeownership was at 45%, nearly 30% lower than White households, with a wider gap than 50 years ago. The disparity significantly impacts the accumulation of wealth within the Black community. When Black homeownership stagnates or drops, Black families have fewer wealth-building opportunities. Thus, the most effective path toward building wealth is increasing Black homeownership.
NAREB aggressively seeks to bolster Black homeownership with initiatives that can connect with the more than two million African American mortgage-ready renters who are not yet homeowners and other families and individuals in communities. Freddie Mac tracks the number of “mortgage-ready” renters nationwide, defining them as those who can meet certain income and credit requirements to qualify for a mortgage. Their researchers determined that as of January 2021, two million Blacks ages 45 or younger are near mortgage-ready, while another 3.4 million are potentially mortgage-ready.
NAREB’s Building Black Wealth events and the organization’s other initiatives seek to reach mortgage-ready families, individuals, and others to help them overcome historical challenges to Black homeownership, such as discriminatory lending practices and unequal access to wealth-building opportunities.
