Realtors, HUD Sign Memorandum of Understanding To Reduce Disparity in Minority Homeownership

The memorandum represents a commitment between NAR and partner organizations - the National Association of Real Estate Brokers, the National Association of Asian American Real Estate Professionals, and the National Association of Hispanic Real Estate Professionals - to work together with HUD on a wide range of concrete activities designed to reduce some of the obstacles that remain in the path of minorities seeking to become homeowners.

"The agreement builds on our ongoing efforts to identify and address issues and problems that stand in the way of minorities who are seeking a piece of the American Dream of homeownership," said Firdaus Rahman, a Realtor(r) from Mobile, Ala. Rahman is chairman of NAR's equal opportunity-cultural diversity committee, meeting here during the five-day NAR Midyear Legislative Meetings & Trade Expo, which continues through Saturday.

"Under the agreement, NAR will continue its diversity training work, continue organizational outreach to state and local Realtor(r) organizations, and through its Housing Opportunity Program, partner with local housing counseling agencies for cross-referrals for homebuyers, especially underserved minorities," Rahman said.

The agreement also commits the other three real estate organizations to specific activities, especially in the areas of consumer education and counseling, specialized training for real estate professionals, and assisting minority families in gaining access to affordable mortgage financing.

HUD will create a new office of education and outreach to undertake innovative initiatives to educate and inform the public about provisions of the Fair Housing Act, and will also request and provide additional funding in the housing counseling grant program and the American Dream Down Payment Program to help low-income families achieve homeownership.

"While we are proud of recent achievements in removing disparities in housing, much still remains to be done," Rahman said. "The memorandum provides not only organizational measures, like the new office of education and outreach, but also tangible outlays of funds, bringing the total available to $45 million in the coming fiscal year. With the added funds and activities, another 250,000 low-income families - especially underserved minority and immigrant families - will receive counseling on how to buy and maintain a home. We feel this is real progress in the right direction," he said.

The National Association of Realtors(r), "The Voice for Real Estate," is America's largest trade association, representing approximately 880,000 members involved in all aspects of the residential and commercial real estate industries.