“¡MI PRIMERA CASA!”/"MY FIRST HOME" Homeownership Public Education Campaign
New York, NY – The Hispanic Federation announced the launch of a new housing initiative, “¡Mi Primera Casa!” or “My First Home.” In collaboration with the New York Urban League, Mi Primera Casa/My First Home is a public education campaign that encourages minority homeownership, promotes opportunities to improve access to fair financing, and provides financial education to low-income and minority communities. The campaign underscores the importance of homeownership for families of color as a means of helping communities build economic stability and wealth.
“Expanding opportunities for affordable homeownership, primarily in low-income and communities of color, is vital to the stability and economic growth of our communities. “¡Mi Primera Casa!” is designed to level the playing field and provide communities of color a chance at achieving their American Dream,” said José Calderón, President of the Hispanic Federation. “No one should be left out of our nation’s economic recovery.”
“We are proud to support this important effort. Access and education is key. It’s time for our government, leaders, and America’s financial institutions to work together to offer communities of color an opportunity to close the minority homeownership gap,” stated New York Urban League’s President Arva Rice in support of this campaign. “As the nation’s economy continues to grow, many are being left behind. The Hispanic Federation’s campaign will serve as a critical voice for the working families that deserve the same access to credit as everyone else.“
“¡Mi Primera Casa!” campaign seeks to increase access to credit for Black and Latino families in order to rebuild communities devastated by the economic and housing collapse of 2008 and rebuild wealth among these families. The gap in homeownership rates between households of color and whites has widened, 45.2 percent compared to 71.1 percent, respectively. More black and Latino borrowers had their wealth tied up in their homes, and when the housing bubble burst, lost a greater share of their wealth.