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.

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. 

Update on Minnesota's Homeownership Gap

This post is a guest post by Dr. Kim Skobba, a research and communications consultant that works with the Minnesota Home Ownership Center on Affordable Housing issues and housing policy.  Dr. Skobba publishes her own blog at http://housing-sense.blogspot.com/

___________________________

Update on Minnesota's Homeownership Gap

At 73.7%, Minnesota maintains the highest overall homeownership rate in the nation. When it comes to the rate of homeowners of color, Minnesota does not fare as well. The rate of homeownership among emerging markets is 43.3% - representing the 5th largest gap in homeownership rates in the nation.

[Last] week at the EMHI Summit, Michael Grover (Federal Reserve Bank of Minneapolis) and John Patterson (Minnesota Housing) provided a summary of their research on trends in emerging market homeownership. Their analysis of American Community Survey and Home Mortgage Disclosure Act (HMDA) data identifies some apparent trends and offers a few unexpected findings.

• The rate of emerging market homeownership declined for the first time since 2000. The rate of homeownership among emerging markets held relatively steady (at about 46.5%) during 2006-2008, which was surprising given the foreclosure crisis and what is known about its affect on minority homeowners. In 2009, the emerging market homeownership rate declined to 43.3%.
• Some sub-groups of African Americans experienced particularly significant declines in their rates of homeownership. Those in the 45 to 54 age group saw a decline from 46% to 31% and those with a family income between $40,000 - $60,000 experienced a decline from a rate of 57% to 32%. Grover stated that more analysis is needed to make sense of these changes.
• Minnesota Housing's affordable loan and entry cost assistance programs are helping emerging markets buyers. In 2009, nearly one-third of Minnesota Housing's loan originations were to emerging market buyers, compared to 10.9% in the overall market.
• Subprime lending among emerging markets is on the decline. The rates of subprime lending (purchase and refinance) dropped from a high of over 40% in 2006 to well below 10% in 2009. Not much of a surprise but good news nonetheless.

The Emerging Markets Homeownership Initiative (EMHI) Summit is an annual event hosted by the Minnesota Home Ownership Center. This year's summit provided the opportunity to learn about the status of emerging market homeownership and some of the current issues facing emerging market homebuyers. Materials from this year's EMHI Summit (including the Grover and Patterson presentation) are available on the Center's EMHI webpage.

___________________________

This post was originally published on Dr. Skobba's blog: here.
Reposted with permission.

Fourth Annual EMHI Summit

The Minnesota Home Ownership Center is pleased to announce that the 2010 Emerging Markets Home Ownership Initiative (EMHI) summit has been scheduled for December 8, 2010 at the Continuing Education and Conference Center on the St. Paul Campus of the University of Minnesota.

The Annual EMHI Summit is a hallmark of the Center’s dedication to the EMHI mission of working to promote homeownership parity. This year's Summit will bring together industry and community stakeholders to develop tools, resources, and best practices aimed at increasing homeownership opportunities for Minnesota’s emerging markets.

The agenda will include:

• A welcome from MN Home Ownership Center Executive Director Julie Gugin;
  
• Michael Grover, community affairs manager from the Federal Reserve Bank of Minneapolis, and John Patterson, director of research and evaluation at Minnesota Housing, will provide a comprehensive analysis of the current status of emerging markets homeownership in Minnesota. A traditional part of the EMHI Summit, this presentation will offer thought-provoking insight into the status of emerging markets homeownership and how the current economic environment has impacted effort;
  
• Representatives from the industry, including Michael A Haley, of Identity Theft Shield, Nancy Hostetler of Open Door Home Loans (Bell Mortgage) and Roxanny Armendariz of Neighborhood Development Alliance will offer practical insights into client credit issues facing members of emerging markets. Discussions will include credit repair and Fair Issac scoring;
  
• Keynote Speaker: Angela Glover Blackwell (Pending)
  
  Angela Glover Blackwell is a national leader for social justice and equity. She seeks to strenghten America by creating stronger low-income communities and communities of color. A former Sr. vice president at the Rockefeller Foundation, she has appeared on Nightline, PBS's NOW, and is a frequent commentator on public radio's Marketplace and the Tavis Smiley Show. Her articles have appeared in the New York Times, the LA Times and the San Francisco Chronicle.

The Summit is designed primarily for realtors, lenders, non-profits, elected officials, and others working in the homeownership arena, but is open to all.

The Summit is FREE and 3.5 hours of Real Estate CEU credits have been applied for.

REGISTER TODAY: http://emhisummit2010.eventbrite.com

Are you on Twitter?  Help Spread The Word!  Use Hashtag #EMHI10  (EMHI TEN)

Training Opportunities in Affordable Housing

Need CEU's?  Interested in Affordable Housing Issues?

As part of our goal of promoting and advancing successful home ownership in Minnesota, we periodically highlight training and continuing education opportunities for real estate and housing professionals. Today, we’d like to highlight three upcoming workshops/seminars:

1. 2010 Affordable Homes Congress
Attend the 2010 Affordable Homes Congress to get the answers and information you need to succeed in affordable housing today.
     When: October 14-15, 2010
     Where: Radisson Hotel and Conference Center Minneapolis
                 3131 Campus Drive, Plymouth, MN 55441
     More Info: Online information here
                           ** CEUs have been applied for**

 2. Homes for All 2010
Homes for All 2010 seeks to build a community platform to affirm the belief that all Minnesotans deserve a safe, affordable place to call home; connect resources and stakeholders; and create sustainable communities.
     When: November 8, 2010
     Where: St. Paul RiverCentre
     More Info: http://www.homes-for-all.org/index.html

3. Fourth Annual Emerging Markets Homeownership Initiative Summit
The EMHI Summit event is designed primarily for Realtors, lenders, non-profits, government, and others working in the homeownership arena. Hear a comprehensive analysis of the current status of emerging marketing homeownership in Minnesota; learn from panelists and speakers about opportunities and successes in serving emerging markets.
     When: December 8, 2010
     Where: U of MN Continuing Education and Conference Center
     More Info: http://hocmn.org/en/emhi-summit-2010.cfm
           ** CEUs have been applied for**

Third Annual EMHI Summit

New This Year: Entry-Cost Assistance Training!

The Minnesota Home Ownership Center is pleased to announce that the 2009 Emerging Markets Home Ownership Initiative (EMHI) summit has been scheduled for November 9th, 2009 at the Continuing Education and Conference Center on the University of MN Campus.

The Third Annual EMHI Summit, and the first since the MN Home Ownership Center adopted EMHI programming earlier this year, is a hallmark of the Center’s dedication to the EMHI mission of working to promote homeownership parity by leading and convening industry and community stakeholders to develop tools, resources, and best practices to increase homeownership opportunity for Minnesota’s emerging markets.

The event is designed primarily for realtors, lenders, non-profits, elected officials, and others working in the homeownership arena. The agenda will include:

• Keynote address from St. Paul City Council Member Melvin Carter III and State Representative Jeff Hayden. They’ll discuss the impact of homeownership on their constituency base and address public policy topics that support EMHI’s mission.
• Michael Grover, community affairs manager from the Federal Reserve Bank of Minneapolis, and John Patterson, director of research and evaluation at Minnesota Housing, will provide a comprehensive analysis of the current status of emerging marketing homeownership in Minnesota using the soon to be released American Community Survey data. A traditional part of the EMHI Summit, this presentation will offer thought-provoking insight into the status of emerging markets homeownership and how the current environment has impacted efforts.
• Representatives from the industry, including Michael Haley, Assistant Commissioner of Minnesota Housing; Teddy Bagley, Affordable Housing Manager for Guaranteed Rate; Umbelina Cremer, Emerging Markets Officer for Achieve Homeownership; and Kim Quayson of MidCountry Mortgage. Panelists will offer practical insights into how their organizations have successfully emerging market homebuyers and the lessons they’ve learned.
• Jacqueline King, Assistant Vice President and Community Affairs Officer at the Federal Reserve Bank of Minneapolis and founding board member of the Emerging Markets Homeownership Initiative, will close the agenda with a call to action and partnership to the industry to continue striving for EMHI’s mission.

CEU credits have been applied for.

To register, or for more information, click here.

Premiere training: taking the confusion out of entry cost assistance programs and affordable loan products

Following the EMHI Summit and a networking lunch on November 9th, the MN Home Ownership Center, in partnership with the Minnesota Association of Realtors, will be hosting a training and unveiling newly developed tools offering comprehensive information about entry cost and affordable loan programs throughout the state. As Minnesota begins to recover from the recent foreclosure crisis, municipalities, lenders, non-profits, and others have developed programs designed to promote homeownership. This proliferation of programs has led to confusion among industry professionals at they attempt to keep current on optimum opportunities for their clients.

This 3-hour training session will include:

• Details about accessing and using the MN Home Ownership Center’s brand new Entry Cost Assistance Matrix, including a panel of speakers highlighting some of the most frequently used programs in the state. Neighborhood Stabilization Programs will be featured.
• Information about accessing and using the MN Home Ownership Center’s Affordable Loan Product Matrix. Recently released to the public for the first time, the matrix includes valuable information about first-time homebuyer and other affordable loan programs. Lending representatives will be on hand to discuss their programs.
• The Entry Cost Assistance Matrix and Affordable Loan Product Matrix are is the first of their kind in Minnesota and highlight the Center’s commitment to working in partnership with Realtors®, lenders and other professionals to enhance home buying for Minnesotans.

Space is limited and registration is required.

CEU credits have been applied for the afternoon session as well.

To register, or for more information, click here.

Center Launches Spanish-Language Website

¿Habla Español?

The MN Home Ownership Center is pleased to announce that its Spanish-Language website it up and running!

The Center assumed responsibility of the Emerging Markets Homeownership Initiative earlier this year, and continues to strive to reach emerging markets homebuyers and owners with the launch of its website in Spanish.

In addition to the launch of the website, the Center has translated ALL of its fact-sheets, flyers and consumer alerts in Spanish as well!

You can visit the new site, here.

Open Positions at MN Home Ownership Center

The Minnesota Home Ownership Center is currently recruiting for TWO full-time positions.

1. The first position is for an Outreach and Communications Coordinator as an AmeriCorp member. Here is a brief overview of the position:

The primary tasks will be about: supporting consumer and community outreach with an emphasis on communities of color; developing tools to inform homeownership industry professionals and consumers about new programs and
funding sources for homeownership; and providing training and support to the
counseling agencies in the Center’s network.

Candidates interested in the Outreach and Communications Coordinator can visit a complete job description and application requirements at the MN Council of Non-profits job board here.

2. The second position, a full-time staff position at the Center, is for a Program Manager for Emerging Markets. Here is a brief overview of the position:

The Program Manager coordinates a variety of programming aimed at enhancing homeownership opportunities for communities of color with an emphasis on American Indians in Greater Minnesota. Provide technical assistance, training and other support to homeownership education and counseling pilot programs in Greater Minnesota. Coordinate outreach activities and events in partnership with the organization’s partner agencies. Lead activities of the organization's overall emerging markets programming.

Candidates interested in the Program Manager for Emerging Markets position can visit a complete job description and application requirements at the MN Council of Non-profits job board here.

The MN Home Ownership Center is an equal opportunity employer.


UPDATE: If you've gotten here from a link on the MN Home Ownership Center's website regarding the open positions, please feel free to check out the rest of our blog... it's chock full of information on affordable housing issues, housing research, homebuying, foreclosure prevention and much, much more. Read the full blog, here.