UnidosUS HOME Initiative Celebrates First Anniversary with New Funders, Research

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The Home Ownership Means Equity initiative, which aims to create 4 million new Latino homeowners by 2030, announced new research with the Urban Institute and $4 million in new funding 

Washington DC, June 17, 2024 – UnidosUS, a nonprofit, nonpartisan organization that serves as the nation’s largest Hispanic civil rights and advocacy organization, today announced new milestones in its HOME (Home Ownership Means Equity) initiative to mark HOME’s one-year anniversary. HOME, which launched on Capitol Hill in June 2023, is a national movement to transform the economic trajectory of Latino families and create 4 million new Latino homeowners by 2030.  

This National Homeownership Month, HOME enters its second year with several major announcements that will propel the initiative forward:  

  • New multi-million-dollar funding partnerships with JPMorgan Chase, PNC Bank, Constellation Brands, Inc, and Modelo to build upon Wells Fargo’s initial $10 million anchor funding provided during year one; and 
  • New research and related programs in partnership with the Urban Institute.  
  • In July at UnidosUS’s annual conference in Las Vegas, HOME will announce the winners of its Premio HOME competition, which will award funding to organizations addressing America’s housing supply crisis.  

 “Latinos have proven resilient in the face of increased interest rates, buying homes at higher rates than any other group in the country,” said Janet Murguía, President and CEO of UnidosUS. “Much more can be done to unlock the true potential of Latino homeownership by removing the systemic barriers that exist for our community. UnidosUS is proud to kick-off year two of the HOME initiative with new bold new investments and strategies to build Latino power through homeownership and continue the upward trajectory of Latino homeownership.”  

 Latinos are projected to comprise 70% of net new homeowners in America by 2040. However, systemic barriers, including discrimination and inequitable access to capital, persist and threaten the realization of this opportunity. 

 In its second year, UnidosUS’s HOME initiative is building off if its launch year work, which included grants for its first Affiliate program to boost Latino mortgage readiness in geographies with powerful Latino populations and housing opportunities, to invest in research gaps and broaden institutional support around building Latino power. Expect more news about HOME’s second Affiliate grant program in July.

 

 $4 Million in New Funding Partnerships Propel HOME Into Year Two  

HOME enters its second year with over $14 million in additional external funding after adding JPMorgan Chase, PNC Bank, Constellation Brands, Inc, and Modelo to its roster of institutional backers. These new partnerships build on Wells Fargo’s $10 million in anchor funding, which kickstarted the initiative in 2023. This new year two funding is in addition to the $9 million UnidosUS committed to launch the initiative, some of which is sourced by investments from MacKenzie Scott’s foundation, Yield Giving. 

 “What’s good for Latinos is good for the economy, and our new financial partners see the value of building Latino power and expanding homeownership opportunities for this growing, decisive community,” said Laura Arce, Senior Vice President for Economic Initiatives at UnidosUS. “Creating 4 million new Latino homeowners by 2030 requires bold support across the public and private sectors, and UnidosUS is grateful to Wells Fargo, JPMorgan Chase, PNC Bank, Constellation Brands, Inc, and Modelo for believing in HOME’s mission.”   

 

Investments in New Research 

To continue driving evidence-based policy solutions, HOME has expanded its research partnership with the Urban Institute – one of the most respected think tanks in the country.  

Following the publication of the Urban Institute’s research agenda in partnership with HOME in July 2023, the organizations embarked on a national call for papers to close the six research gaps identified in the agenda. In April 2024, HOME announced seven finalist proposals from institutions across the country including the Harvard Joint Center for Housing Studies, the Puerto Rican Cultural Center, and Texas A&M University, who will receive research guidance and resources from HOME and the Urban Institute and later present their final research at the Urban Institute-UnidosUS HOME research symposium in Washington in January 2025.  

 In parallel, HOME supported the Urban Institute’s February 2024 publication of a report exploring one of those research gaps – barriers and opportunities within mortgage financing for Individual Tax Identification Number (ITIN) holder households – which established eight evidence-based solutions. Published in June 2024, the Urban Institute second HOME-supported report explores barriers to accessing mortgage credit.  

 With the support of dozens of federal and state policymakers, some of the largest financial institutions in the U.S., leading think tanks, and UnidosUS’ network of 300+ Affiliates, the HOME initiative has entered into its second year with full force, driving evidence-based solutions to the housing supply crisis in communities across America.