F.R.E.E.D.O.M. Affiliate – Denver Ministerial Alliance
SEN. ALLARD, DENVER MAYOR JOIN IN LAUNCH OF FAITH-BASED HOMEOWNERSHIP EFFORT
Denver Initiative Links Outreach, Credit Literacy to Flexible Mortgages
Denver, CO – Denver Mayor John Hickenlooper joined officials from the Greater Metropolitan Denver Ministerial Alliance (GMDMA), Faith Restoration Empowerment and Economic Development Outreach Ministries (FREEDOM), Colorado Housing Assistance Corporation (CHAC) and Freddie Mac (NYSE:FRE) today to announce the HomeOwnership Transformation (HOT) Initiative. This is a comprehensive faith-based effort of more than 40 African-American churches that will help more Denver families become homeowners.
This new initiative will prepare and educate more African-American families for homeownership through free counseling and will provide them access to very low-down payment mortgages.
Homeownership within the African-American community in Denver and nationwide is much lower than the overall homeownership rate. Only 45 percent of African-American families in Denver own a home compared to a citywide average of 66 percent.
“The goal of this initiative is to reach out to the Denver community to improve financial literacy and increase home ownership,” said U.S. Sen. Wayne Allard (R-Colo.), author of the American Dream Downpayment Act and chairman of the Senate Subcommittee on Housing and Transportation. “Making home ownership attainable is a key to ensuring prosperity for our community, our nation and for individual families in the years to come. By joining forces we can bring the American Dream of home ownership to more families than ever before.”
“Homeownership is a vital component of economic stability for Denver families and economic health for our community,” said Mayor Hickenlooper. “Congratulations to Freddie Mac, the Greater Metropolitan Denver Ministerial Alliance, and the Colorado Housing Assistance Corporation for this tremendous collaborative effort and the results it will yield for Denver families.”
“This initiative addresses the principal need in the African-American Community for homeownership,” said Rev. Reginald C. Holmes, Pastor of New Covenant Christian Church, and vice president of Programs for the GMDMA. “Many of the problems in our community have their genesis in the area of economic disparity. This program will seek to address that disparity by helping those who have been outside of the housing market to become homeowners. I am excited about the opportunity this initiative will afford so many in this community.”
“Freddie Mac is committed to its mission of expanding homeownership opportunities in America,” said Vaughn Irons, director of Housing and Community Investment for Freddie Mac. “This is a great opportunity to help people bridge the gap between dreaming of becoming a homeowner and actually becoming one. The unique initiative utilizes a network of churches to provide the housing industry with a model that will help close the minority homeownership gap.”
The Denver HOT Initiative brings together the community-based expertise of F.R.E.E.D.O,M. with the financial strength of Wells Fargo Home Mortgage, Cherry Creek Mortgage, Colorado State Bank and Trust, and Freddie Mac – one of the nation’s largest investors in residential mortgages.