Real Estate

WASHINGTON, June 6 /PRNewswire-USNewswire/ — The National Association
of Realtors(R) is renewing its commitment to help the nation increase
minority homeownership in America, and is dedicated to advancing that aim
through National Homeownership Month in June. NAR said its commitment is
stronger than ever during today’s challenging real estate market.

“Realtors(R) build communities and understand better than anyone else
how important homeownership is to our nation,” said NAR President Dick
Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif.
“Realtors(R) are working every day in cities across the country to bring
more Americans home; we help build strong families and vibrant
communities.”

In the 40 years since the 1968 Fair Housing Act became law, the
influence and impact of minority populations on the housing market has
grown significantly. Minority buying power in the United States is
estimated today to be over $2 trillion. Government and industry data
indicate that two out of every three new households are being formed by
people who are foreign born or members of a minority population.
Foreign-born homeowners already account for $1.2 trillion in housing
wealth.

As the nation’s leading advocate for homeownership, NAR provides
Realtors(R) and aspiring buyers with important tools and resource aides to
make homeownership a reality. NAR’s Housing Opportunity Program, Home from
Work(TM) Program, Ambassadors for Cities and HOPE Awards program all aim to
expand homeownership opportunities and promote affordable housing
year-round.

NAR’s Housing Opportunity helps Realtors(R) identify, develop, advocate
and promote business opportunities, programs, products, and resources that
expand housing availability to ensure opportunities for all in the rental
and homeownership sectors of the market. More than 600 Housing Opportunity
Programs have already been established throughout the country; many state
Realtor(R) associations have multiple programs in place.

Since 2007, more than 1,400 Realtors(R) have participated in the Home
from Work(TM) Program, which teaches Realtors(R) how to promote workforce
housing initiatives effectively at the grassroots level and work with
public- and private-sector employers to establish employer-assisted housing
benefits.

The Ambassadors for Cities Program unites local Realtors(R) and mayors
to increase home affordability and rental opportunities within a town or
city. The goal is to highlight models of success that can be adopted in
other areas. Since its inception, the program has honored 29 cities and
awarded $145,000 in grants to support local affordable housing initiatives.
This year’s Ambassador Cities are Alexandria, Va.; Allentown, Pa.;
Asheville, N.C.; Bowling Green, Ky.; Irvine, Calif.; and Richmond, Va.

The HOPE Awards (Home Ownership Participation for Everyone) is a
biennial awards program that recognizes organizations and individuals who
are making outstanding contributions to the cause of increasing minority
homeownership. Recent recipients have been honored for achievements that
include establishing a mortgage company to address language barriers,
creating partnerships that provide townhomes for low-income minority foster
parents, and offering loan programs and supportive financial counseling
that help families turn homeownership dreams into reality.

“I have been in this business for more than 30 years, and there is no
better feeling than helping first-time buyers find the homes of their
dreams,” Gaylord said. “Homeownership is more than a financial investment -
it is an investment in families and communities.”

For more resources and information in support of National Homeownership
Month, visit http://www.realtor.org/homeownership.

The National Association of Realtors(R), “The Voice for Real Estate,”
is America’s largest trade association, representing 1.2 million members
involved in all aspects of the residential and commercial real estate
industries.

Information about NAR is available at http://www.realtor.org. This and other
news releases are posted in the Web site’s “News Media” section under NAR
News Releases.

REALTOR(R) is a registered collective membership mark which may be used
only by real estate professionals who are members of the NATIONAL
ASSOCIATION OF REALTORS (R) and subscribe to its strict Code of Ethics. Not
all real estate agents are REALTORS(R). All REALTORS(R) are members of NAR.

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[Via Real Estate Newswire]