New Initiative Focuses On Advancing Affordable Homeownership For Asian Americans

WRE News September 10, 2023


New Initiative Focuses On Advancing Affordable Homeownership For Asian Americans

The Asian Real Estate Association of America (AREAA) is partnering with Wells Fargo & Co. (NYSE: WFC) on a new endeavor to advance sustainable homeownership for first-time homebuyers and low- to moderate-income households within the Asian American Native Hawaiian and Pacific Islander (AANHPI) communities.

Through the new partnership, Wells Fargo will sponsor AREAA’s Housing Affordability initiative led by AREAA’s President Kurt Nishimura. The initiative includes a Housing Affordability Symposium and regional events across the U.S. for home buyers in the top designated market areas with a high concentration of Asian American residents.

According to recent data, the Asian American homeownership rates in the middle- and lower-income levels are far below equal-earning non-Hispanic Whites and comparable to those of the Black and Hispanic communities.

“Owning a home is a primary driver of economic security and the cornerstone of the American Dream, yet access to affordable housing is a significant challenge in communities across the country,” said Kurt Nishimura, President of AREAA. “We appreciate Wells Fargo’s timely investment to help people achieve and sustain homeownership.”

“This year, AREAA’s priority is housing affordability. We are proud to be working with AREAA to advance racial equity in home buying and provide Asian Americans with the resources they need to become mortgage ready and achieve the American dream,” said Valeria Esparza-Chavez, head of home lending, Asian Segment at Wells Fargo. “We are committed to being a part of the solution and breaking down the systemic barriers that make homeownership more difficult to attain.”

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