Emerging Markets, Homeownership and Olmsted County

The Federal Reserve Bank of Minneapolis, Greater Minnesota Housing Fund and the Minnesota Homeownership Center invite you to attend:

EMERGING MARKETS HOMEOWNERSHIP INITIATIVE

LUNCH & LEARN:

Emerging Markets Opportunities in 

Rochester and Olmsted County

SPEAKERS: 

• Michael Grover, Community Development Manager for the Federal Reserve Bank of Minneapolis will share information on current demographics and homeownership rates in Olmsted County, 
• Umbelina Cremer, will provide insight into programming that Three Rivers Community Action has used to successfully transition emerging markets clients to homeownership. 
• Paul Wilson, Olmsted County Commissioner, will share information on the results of the Rochester Housing Summit.

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DATE & TIME: Wednesday, October 30th, 2013 11:30am - 1pm

LOCATION: Rochester Event Center

AGENDA:
     11:00    Registration and lunch*
     12:00 - 1pm   Speakers and small group discussion
     1:00   Wrap-up
     * Lunch will be provided by the Federal Reserve Bank of Minneapolis
  
COST: Free

AUDIENCE: This Lunch and Learn opportunity - including a free lunch! - is open to all homeownership stakeholders, including: real estate, lending, government and non profit leaders working on Emerging Markets and affordable homeownership issues. 

PARKING: Free, Onsite.

RSVP TODAY:  http://RochesterEMHI.eventbrite.com/

Immigration Reform: A Boost for Housing?

Recent data shows that the housing market continues to improve here in Minnesota and in many markets throughout the country.  The recovery may get an additional boost if the forecasts of the National Association of Hispanic Real Estate Professionals (NAHREP) hold true.  

On May 20th, NAHREP released a report that projects over $500 Billion dollars in spending related to real estate and homeownership spending if Washington passes comprehensive immigration reform for the more than 11 million undocumented immigrants currently living in the US.  

They forecast that up to 3 million of these immigrants could become homebuyers over the next several years with an average home price of about $173,000. 

Their reasoning is simple: the options for accessing mortgage loans and lending products for undocumented immigrants are extremely limited.   Any legalization of their immigration status would immediately allow these potential buyers to obtain a Social Security number, a requirement for most lending products.  

NAHREP’s projections maybe overstated (it’s impossible to gauge the future intentions of those who are currently out of status in the US) and immigration reform is far from a done-deal in Washington, but the Minnesota Homeownership Center understands the potential boost for housing that legalization would bring.   A recent report from the University of Southern California found that over one third of the increased demand for homes in this decade has been generated by immigrant buyers. 

The Minnesota Homeownership Center is prepared for a possible influx of new first-time homebuyers:

• Our website contains important information for potential homebuyers and easily allows users to switch quickly between Spanish and English;
• We continue to provide support for Home Stretch workshops (and supplemental materials) in Spanish throughout the State;
• Our online homebuyer education tool, Framework, will be available in Spanish in the coming months;
• We continue to support and administer the Emerging Markets Homeownership Initiative that brings together industry professionals and non-profit organizations working to improve homeownership rates in communities of color.

First-time buyers, citizens and immigrants alike, are reminded that before you start the process of making what may be the LARGEST PURCHASE IN YOUR LIFE, we highly recommend that you participate in a Home Stretch workshop or take the online homebuyer course, Framework. These classes are recognized nationally as a proven tool for preparing Minnesotans to be successful homeowners.  These workshops help you to understand, start to finish, the process of becoming a successful homeowner and cover important topics like:

• real estate and mortgage loan terminology, 
• how to shop for a home and a loan that are right for YOU, 
• how your credit affects your loan payments, 
• how to avoid being taken advantage of during the homebuying process, 
• and much, much more. 

For more information about upcoming Home Stretch workshops, click here.  To take Framework online, click here.

Racial Disparities in Assets and Homeownership

© Mullica

Disparities in Minnesota continue to rise


The Minnesota Budget Project has reported that according to the American Community Survey (ACS) released by the U.S. Census Bureau last month, not only is poverty increasing in Minnesota, but disparities in poverty levels and household incomes between communities of color and whites are worsening. While the 2010 ACS reports that just under 12% of Minnesotans were living in poverty, the percentages according to race reveal a marked difference in poverty levels for communities of color--the highest being for American Indians which grew from approximately 31% in 2007 to just under 40% in 2010. Likewise, the median household incomes for Latino, black, and American Indian communities remain substantially lower than the statewide median household income for whites. Minnesota has historically suffered from racial disparities and, unfortunately, the latest reports do not hint towards the end of that plight. 


On a national level, Minnesota’s averages rank on the better end for overall poverty levels and median incomes. Again, though, when looking more specifically at communities of color, Minnesota’s ranking drops significantly. In fact, the poverty rate in Minnesota for Asians is just over 5 percentage points greater than the national average while for both blacks and American Indians the poverty rate sits as high as 10 percentage points greater than the national average. 


These racial disparities are all too often found in homeownership rates as well. 


In 2010, John Patterson and Michael Grover reported that the homeownership rate for emerging markets communities was more than 30% below the homeownership rate for whites - the 5th largest gap in homeownership rates in the country. Furthermore, the recent housing crisis has hit the emerging market community especially hard with mortgage delinquencies and foreclosures. While the homeownership gap appears to be narrowing, there is still a need to reach this population with homeownership education and opportunities.
In an effort to confront these issues in Minnesota, the Center leads the Emerging Markets Homeownership Initiative (EMHI) which works to develop systemic changes within the homeownership industry to increase homeownership opportunities for communities of color. Developing culturally-specific resources and services for emerging market consumers is a key component of this initiative. To learn more about EMHI events and resources offered by the Center, visit the EMHI page of our website, here.

FREE Continuing Education (CEUs) for real estate professionals!  
Learn more about the issues that Emerging Markets face and the efforts to achieve parity in homeownership rates in Minnesota at the FIFTH ANNUAL EMERGING MARKETS HOMEOWNERSHIP INITIATIVE SUMMIT.  Learn more about the Summit, and register, here.  The event has sold out in the past and we anticipate that it will sell out this year as well.  Register today.

Fifth Annual EMHI Summit - Registration Open

Exciting Changes This Year!

You're invited to join us for the 5th Annual Emerging Markets Homeownership Initiative Summit on Wednesday, December 7, 2011!

This year’s annual Summit reflects the dynamic field by hosting a variety of rapid learning stations for participants to gain valuable knowledge through several 15-minute sessions. We hope our new format for the event will make you better prepared to seize opportunities and confront challenges surrounding homeownership for emerging markets.

This year’s event will be fast-paced and informative for professionals looking for insight into the current status of emerging market homeownership in the State of Minnesota.


The morning session will begin with a keynote address from Dorothy Bridges, recently-appointed Vice President of Community Development and Outreach at the Federal Reserve Bank of Minneapolis. 


Following the address, Summit participants will have the opportunity to rotate among various rapid learning stations hosted by leaders in the emerging market homeownership arena to get a snapshot of current issues and trends facing the industry. Stations will also be a time for participants to ask questions and gain best practice tips from leaders and colleagues in the profession. Some learning station topics include:

• Financial Literacy,
• Housing and Transportation Corridor Issues,
• Minnesota Housing and Bond Programs, 
• Federal Housing Administration,
• Demographics,
• And MANY more!

3.5 hours of Real Estate CEU credits have been applied for. 

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Want to dig deeper into homeownership and emerging markets issues? 


This year we are also pleased to announce an optional afternoon session! We have invited Susan Didier, President of Thompson Associates, to teach her newly-developed course for the Minnesota Association of REALTORS® entitled, Emerging Markets: The New-American Homebuyer.  Her course covers everything from cultural diversity issues such as language barriers and cultural values to explaining real estate in the real world, which highlights topics such as buyer readiness and special first-time homebuyer products. This afternoon course counts towards 3.75 hours of CEU credits. 


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Last year's Summit sold out so register early!

http://emhisummit2011.eventbrite.com/

EMHI Lunch & Learn at the Federal Reserve Bank in Minneapolis

The Minnesota Home Ownership Center is pleased to announce that the Federal Reserve Bank of Minneapolis will be hosting an upcoming luncheon training on:

The impact of, and response to, industry forces on homeownership in Emerging Markets

Speakers at the "Lunch & Learn" will include the President of the Federal Reserve Bank of Minneapolis, Narayana Kocherlakota, and Shana M. Ford, M&I Bank Vice-President and Branch Manager for the MN Region on Diversity & inclusion.

Tuesday, April 5th 11am – 1pm
Federal Reserve Bank of Minneapolis

 



EMHI, the Emerging Markets Homeownership Initiative, is a program of the Minnesota Home Ownership Center designed to increase homeownership opportunities for Minnesota’s emerging markets. The program grew out of the state’s EMHI business plan launched by Governor Pawlenty in 2004.  The goal of EMHI is to promote parity in homeownership rates among Minnesota's diverse populations.  For more information about EMHI or EMHI programming, visit the MN Home Ownership Center's website, here.