Hispanic Federation, New York Urban League to Promote Homeownership

The Hispanic Federation and New York Urban League have partnered to encourage homeownership among low-income and minority groups and to provide financial education.

The "Mi Primera Casa!" campaign will promote opportunities to improve access to fair financing, among other efforts, to raise awareness among minority groups about the importance of home ownership. Mi primera casa is Spanish for "my first home."

"Expanding opportunities for affordable homeownership, primarily in low-income and communities of color, is vital to the stability and economic growth of our communities," José Calder-n, president of the Federation, said in a Thursday news release.

Homeownership rates for black and Latino communities has declined since the housing collapse of 2008. The gap in homeownership rates between households of color and whites has widened, to a gap of 45.2% versus 71.1%, according to the groups.

A higher proportion of blacks and Latinos had a large portion of their wealth tied up in their homes, meaning that the housing crisis hit those groups harder, the Federation and Urban League said.