A YEAR IN REVIEW ADDRESSING THE RACIAL HOMEOWNERSHIP GAP
MORTGAGE BANKERS ASSOCIATION MBA continues to promote sustainable and affordable homeownership for underserved individuals and communities across the country through a variety and policy and market-based approaches. Efforts such as our CONVERGENCE place-based programs, the Building Generational Wealth through Homeownership initiative, and the Home for All Pledge, provide opportunities for strategic partnerships, sharing of best practices, and the development of programs that will enhance our work to increase homeownership opportunities. CONVERGENCE CONVERGENCE is a collective impact initiative to increase African-American homeownership and help close the racial wealth gap. CONVERGENCE
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BL ACK HOMEOWNERSHIP COLL ABORATIVE
leverages the strength and resources of local stakeholders including lenders, real estate professionals, housing counselors, nonprofit developers, and local government, as well as national partners in the housing ecosystem. CONVERGENCE works to close the information, trust, market, and resource gaps that create barriers to homeownership. There are currently two CONVERGENCE place-based locations: Memphis, TN, and Columbus, OH.
CONVERGENCE Memphis launched in March 2020 in partnership with the Tennessee Housing Development Agency. More than 120 individuals, representing 50 organizations, participate in CONVERGENCE Memphis. In the past year, the initiative focused on community engagement by hosting two homebuyer fairs, a financial counseling and money management webinar, a diversity career fair, an appraiser diversity information session, and a housing design workshop. CONVERGENCE Memphis also supported and participated in several events held by local, state, and national partners. CONVERGENCE Memphis was incorporated as a 501(c)3 in late 2021, established a Board of Directors, and recently hired an executive director.
