(WASHINGTON, D.C. – April 17, 2024) – More than 25,000 individuals flocked to events nationwide on Saturday, April 13 marking the National Building Black Wealth Day as designated by the National Association of Real Estate Brokers (NAREB). In over 100 cities, seminars and one-on-one sessions delved into a wide range of topics, from homeownership and property investment to business startups and other wealth-building opportunities.
Each location drew an impressive average of 200 to 250 attendees, with an additional 2,000 individuals signing up for virtual sessions via Zoom. Notable figures graced the events, including Chance the Rapper in Chicago and Mount Vernon Mayor Shawyn Patterson-Howard. Mayor Howard, who also serves as the President of the African American Mayors Association, headlined the event in her city. Sessions at events included:
Ø What to do with Big Momma’s House?
Ø ABCs of Homebuying
Ø Real Estate Investing
Ø Down Payment Assistance
Ø Explore Careers in Real Estate
Ø Free Career Fair
Ø Free Health Screenings
Ø One On Ones with Real Estate Attorneys
Ø One On Ones with Housing Counselors
“National Building Black Wealth Day was a tremendous success,” said Dr. Courtney Johnson Rose, NAREB’s President. “We took wealth-building knowledge into our communities, where families and individuals can use that information to chart a new future, one that includes intergeneration wealth and the benefits of homeownership.”
Presented in collaboration with the Church Of God In Christ, Inc., the local National Building Black Wealth Day events were a component of NAREB’s Building Black Wealth Tour, which holds events in cities nationwide. Other NAREB partners for the Building Black Wealth tour include the African American Mayors Association, the National Bar Association, Delta Sigma Theta Sorority, Alpha Phi Alpha Fraternity, and Phi Beta Sigma Fraternity. Major sponsors include Wells Fargo and Fannie Mae. The HUD-approved NID Housing Counseling Agency provided free credit reports at the events and continues to counsel registrants online.
“Wow, what did I experience today?” Thrower exclaimed in an interview at the event. “Today was a very informative day. It was a day of enlightenment. I learned so much about things that are often hidden in plain sight. This particular event shared a lot of information on Black wealth, becoming a homeowner, and what to do if you own a home. I’m in information overload. If the opportunity ever comes in your area, you have to attend an event like this. I feel like, especially with people of Black and Brown communities, a lot of information they don’t get because they don’t come to events like this. This was very empowering and is actually going to make me a better person when I leave, and I’m very happy about it.”
Dr. Rose said there is great potential to increase Black homeownership. Freddie Mac tracks the number of “mortgage-ready” renters nationwide, meaning they can meet certain income and credit requirements to qualify for a mortgage. Their researchers determined that as of January 2021, 2 million Blacks ages 45 or younger are near mortgage-ready, while another 3.4 million are potentially mortgage-ready. Moreover, a Fannie Mae survey found that 89% of all Black renters intend to own a home in the future, and half of all Black consumers are renters.
“NAREB’s State of Housing in Black America report, as well as other studies, show that there are over two million mortgage-ready Black Americans,” Dr. Rose said. “NAREB and our partners are determined through the Building Black Wealth Tour to reach them, educate them, and guide them to building wealth through real estate while we preserve and build upon the wealth we have already built.”
Attendees of the local events are receiving additional resources:
Ø NAREB AND Freddie Mac provided a Black Wealth Toolkit with online resources to help them on their journey.
Ø A post-event survey to help NAREB stay connected and use their insights to shape future events
Ø NID housing counseling will continue virtually for consumers they connected with
Ø NAREB members will follow up with attendees to offer further advice on homebuying and the best options for dealing with property after inheritance
Moreover, the Building Black Wealth Website will continue to provide information about building wealth, including comprehensive blogs on the ABCs of Homebuying and What to do with Big Mama’s House.
The NAREB Black Wealth Tour will continue. Events will be in Little Rock on June 9, 2024; in New Orleans on July 27, 2024; Atlanta on November 16, 2024; Miramar, Florida, in February 2025; Greater St. Louis in June 2025; and Los Angeles in August 2025. A new initiative is also being formed with the creation of the NAREB Black Wealth Tour – Black Farmers Edition to assist Black Farmers in targeted states. The 2nd Annual NAREB National Wealth Building Day will be on April 12, 2025.
“NAREB is leading a sustained effort to increase homeownership and expand wealth in Black communities,” Dr. Rose said. “More importantly, this is what our communities want. They want to be homeowners, and we are creating paths to make that happen.”
ABOUT THE NATIONAL ASSOCIATION OF REAL ESTATE BROKERS
NAREB was formed in 1947 to secure equal housing opportunities regardless of race, creed, or color. NAREB has advocated for legislation and supported or instigated legal challenges that ensure fair housing, sustainable homeownership, and access to credit for Black Americans. Simultaneously, NAREB advocates for and promotes access to business opportunities for Black real estate professionals in each real estate discipline. From the past to the present, NAREB remains an association that is proud of its history, dedicated to its chosen struggle, and unrelenting in its pursuit of the REALTIST®’s mission/vision embedded goal, “Democracy in Housing.”
