A new national coalition hopes to provide the necessary resources to preserve homeownership for ethnic communities hardest hit by the foreclosure crisis.
The Alliance for Stabilizing our Communities – led by the National Urban League (NUL), the National Council of La Raza (NCLR) and the National Coalition for Asian Pacific American Community Development (National CAPACD) – was created, with the help of Bank of America, to assist homeowners in these ethnic communities facing foreclosure identify and procure the best housing solutions possible, a press statement says.
The alliance will direct new resources to a nationwide network of local housing counseling entities in 27 communities with numbers of multicultural homeowners at risk of foreclosure above the national average.
These resources will provide greater capacity to the local partners, enabling them to respond more effectively to homeowners seeking assistance, the coalition says. Counselors anticipate significantly increased demand for assistance following the Obama administration's new Making Home Affordable plan.
As part of Bank of America's $35 million neighborhood preservation and foreclosure prevention package announced last year, the alliance will receive $2.5 million from Bank of America.
The alliance will also organize 40 home retention fairs that are expected to serve more than 11,000 households.
‘The alliance brings together the most trusted advisors in our ethnic communities to better address the unique needs of these homeowners, including bringing more resources to our local affiliates to help keep families in their homes or find the best option for them,’ says Janet Murguia, president and CEO of NCLR.
SOURCES: National Council of La Raza, National Urban League, National CAPACD, Bank of America