UnidosUS Launches HOME Initiative in Stockton/Central Valley

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HOME will create four million new Latino homeowners nationwide by 2030 

Laura Arce, Senior Vice President at UnidosUS speaking at the San Joaquin Valley Affordable Housing Summit.

Stockton, CA – September 19, 2023 – On Thursday, September 14, 2023, UnidosUS unveiled the HOME (Home Ownership Means Equity) initiative in California’s Central Valley. As part of the initiative’s California launch, Laura Arce, Senior Vice President of Economic Initiatives at UnidosUS, gave a keynote address at the San Joaquin Valley Affordable Housing Summit, where she discussed the economic importance of expanding Latino homeownership in the Central Valley and throughout the country.  

The local rollout of HOME in Stockton/Central Valley comes on the heels of the national campaign introduced in June to influence systemic change and catalyze the creation of four million new Latino homeowners nationwide by 2030. Through cross-sectaffilor partnerships, HOME will help Central Valley Latinos create pathways to homeownership by providing housing counseling and financial coaching to help prospective homeowners build their credit, avoid predatory lending, get approved for sustainable mortgages, and overcome language barriers. 

Visionary Home Builders of California, a longtime UnidosUS Affiliate and HUD Certified Housing Counseling Agency, has been granted $70,000 to support several elements of HOME in Stockton/Central Valley. Visionary Home Builders advocates for healthy, vibrant, safe communities and helps develop affordable housing and educational opportunities for low- and moderate-income individuals. Additional local Affiliates El Concilio and Self-Help Enterprises have been granted $20,000 and $30,000 respectively to support financial coaching and housing counseling. 

“It was an honor to speak at the 12th Annual San Joaquin Valley Affordable Housing Summit and shed light on the challenges and opportunities California Latinos face in their homeownership journeys,” said Laura Arce, SVP for Economic Initiatives at UnidosUS. “HOME is all about bringing cross-sector leaders together to address the multifaceted barriers to homeownership specific to the Latino community. Creating four million new Latino homeowners nationwide by 2030 is an ambitious but achievable goal when working with Affiliates like the Visionary Home Builders of California. These partnerships allow us to better understand and address the local Latino population’s needs and identify potentially scalable national solutions.”  

Latinos continue to be the biggest drivers of California’s population, economy and labor force. As the largest racial and ethnic group in California, Latino residents have also driven increases in homeownership rates across the state, particularly in some Central Valley counties.  

  • According to new data, the Central Valley’s population is projected to grow by roughly 5 million people by 2060. The Latino populations across the region are projected to continue to grow and account for most of that projected growth. Much of the population increase in the area is likely to be fueled by domestic migration and affordability as families shift from coastal and urban parts of California to Central Valley cities to find better jobs and housing opportunities. 
  • Between 2013-2021, Latinos in California have made up 76% of the state’s homeownership growth.   
  • According to an upcoming UnidosUS research report on California Latino homeownership out next month, Latinos have accounted for the largest share of household formation growth in the Central Valley. In particular, there’s been a 146% increase of new Latino households in the Visalia metro area and trailing closely behind is the Modesto metro area at 138%.  
  • And Central Valley is also home to a few key markets where Latino homeownership rates are higher than the state average of 45%, such as Madera at 55.4% and Modesto at 52.7%. 

Through the new national movement, UnidosUS is investing in a cohort of five initial markets slated to receive targeted grants through the HOMEownership Solutions Network to support consumer housing and financial counseling programs. Each market selected as part of the first cohort of the HOMEownership Solutions Network has a high Latino population, experienced UnidosUS Affiliate partners, and favorable market conditions, such as tremendous housing opportunities for prospective Hispanic homebuyers or builders. In addition to Stockton/Central Valley, the first cohort also includes Chicago, IL; Orlando, FL; Houston, TX; and Phoenix, AZ. 

More information on the HOME initiative is available here: https://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