Community Series Focuses on Boosting AAPI
Home Owners
July
26, 2005
Washington,
DC – U.S. Congressman Mike Honda (D-CA), Chair of the
Congressional Asian Pacific American
Caucus (CAPAC) yesterday joined residential mortgage investor
Freddie Mac and the
National Coalition of Asian Pacific
American Community Development (CAPACD) in a briefing on
housing disparities and home ownership levels of the nation’s 12 million
Asian Americans and Pacific Islanders (AAPIs).
The briefing is the
first in a series of community events that publicize data on AAPI home
ownership and identify ways to increase the number of AAPIs who own
houses. Other events are scheduled for August 1 in Santa Clara,
California; August 4 in Boston, Massachusetts; August 5 in Chicago,
Illinois; and a concluding forum in Los Angeles, California.
“Home ownership is a
family value, one that ensures social and economic benefits that enhance
entire communities,” CAPAC Chair Honda said. “AAPI families want to
increase their participation in this slice of the American Dream, and I
salute Freddie Mac and National CAPACD for their work to try and make
that Dream a reality.”
Only 53 percent of
AAPIs live in owner-occupied housing, well below the national average of
66 percent. AAPIs also continue to suffer from over-crowding, living in
structures containing 20 or more units at a rate of 18 percent –
significantly above the national average of 6 percent.
“Many forces delay, or
even preclude, the home ownership attainment of Asian American
households,” said Dwight Robinson, senior vice president of Corporate
Relations and Housing Outreach at Freddie Mac. “These forces are
cultural values, the immigrant psyche and lack of information about the
home-buying process.”
In addition to the home ownership and
overcrowding information discussed, Freddie Mac will provide further
data to CAPAC members addressing the following questions:
-
How have some Asian American families
already overcome hurdles to achieve their dream of homeownership,
and how can those lessons be delivered effectively throughout the
broader community?
-
How do cultural differences influence
home-buying behavior of Asian American consumers?
-
How do Asian
American real estate professionals interact with their Asian
American clients in the entire home-buying process including the
role they play as counselors and information sources about home
ownership?
“I look forward to
continue gathering data on AAPI ownership, and to crafting solutions
that will increase the rates of AAPI who own their own homes,” Honda
said. “Freddie Mac and National CAPACD are doing excellent work on this
important community project.”
