UnidosUS Launches HOME Initiative in Chicago
HOME will create four million new Latino homeowners nationwide by 2030
Chicago, IL – July 21, 2023 – UnidosUS, the nation’s largest nonprofit, nonpartisan Hispanic civil rights organization, launched the HOME (Home Ownership Means Equity) initiative in Chicago today with local partners and a trolley tour through southside neighborhoods.
The trolley toured a transformational project powered by The Resurrection Project to convert abandoned lots into new, affordable homes.
Through cross-sector partnerships, HOME will help Chicago Latinos create pathways to homeownership, build their credit, afford a down payment, overcome language barriers, avoid predatory lending, and get approved for a sustainable mortgage.
Chicago is the first of five preliminary market launches for the HOME initiative.
As part of the program, five local partners are receiving approximately $350,000 in initial grants. Grantees include The Resurrection Project, Brighton Park Neighborhood Council, Northwest Center, Gads Hill Center and the Spanish Coalition for Housing. Each will support consumer counseling and other programs that help prospective Latino homeowners navigate the homebuying process.
“A critical part of the HOME initiative is advancing systemic change through thoughtful collaboration with local partners and leaders who are already doing the hard work on the ground of creating Latino homeowners,” said Laura Arce, Senior Vice President for Economic Initiatives at UnidosUS. “Our deep history in the city of Chicago will set the foundation to deploy community level strategies through the HOMEownership Solutions Network, allowing us to serve more families, measure progress, and identify scalable solutions to help us achieve our goal of creating four million net new Latino homeowners by 2030.”
Chicago presents a promising housing market for Latinos.
- Hispanic Americans have experienced some of the biggest homeownership gains over the past decade, with rates increasing by more than 4% to 50.6%. (National Association of Realtors)
- Due to greater housing affordability, Chicago’s level of Hispanic homeownership is far higher than peer-cities with large Latino populations like New York and Los Angeles. (Crain’s Chicago Business)
- The median Hispanic household income and the income needed to afford the median-priced home in Chicago were more closely matched than in each of the other top 10 most populous Latino markets – at $71,700 and $72,214.90 respectively. (National Association of Hispanic Real Estate Professionals)
The local rollout of HOME in Chicago comes on the heels of the national campaign introduced last month to influence systemic change and catalyze the creation of four million new Latino homeowners by 2030.
Other cities in this first cohort of HOME include Houston, Orlando, Phoenix, and Stockton.
The HOME launch in Chicago also coincides with UnidosUS’s annual conference, which brings together nearly 2,000 advocates, leaders, and allies to focus on issues impacting Latinos such as homeownership, health equity, and workforce development.
Homeownership has long been critical to generational wealth building and economic mobility.
By 2040, it is estimated that Latinos will comprise 70% of net new homeowners in America.
Each city selected as part of HOME’s first cohort has a combination of either high Latino populations, experienced UnidosUS affiliate partners, and/or favorable market conditions to where scalable strategies that could increase Latino homeownership rates can be tested. The initiative will continue to expand into other communities across the country through future cohorts of the HOMEownership Solutions Network.
For more information about HOME, visit www.unidosus.org/homeownership.
About the HOME (Home Ownership Means Equity) Initiative
HOME (Home Ownership Means Equity) is UnidosUS’s new national initiative that seeks to influence systemic change and catalyze the creation of four million new Latino homeowners by 2030. Through cross-sector partnership, HOME will break down multifaceted challenges Latinos face when trying to buy a home by expanding market opportunities and helping mortgage-ready Latinos create pathways to build their credit, afford a down payment, overcome language barriers, avoid predatory lending, and get approved for a sustainable mortgage. For more information, visit www.unidosus.org/homeownership