The Change Company Launches Initiative to Expand Homeownership in Low to Moderate Income Communities
Originally published in BusinessWire
March 10, 2021, 09:00 AM EST
- $1 billion initiative launched based on recommendations made by The Change Company’s Community Advisory Board
- Coalition of 18 Banks provided over $80 million to finance the initiative
- The Change Company sponsored and published research conducted by Prosperity NOW with best practices for expanding homeownership in low income communities
IRVINE, Calif.--(BUSINESS WIRE)--The Change Company, America’s Community Development Financial Institution (CDFI), announced today the launch of its newest initiative to expand homeownership in low- to moderate- income (LMI) communities based on the research recently published by Prosperity NOW entitled “Expanding Homeownership in Low- to Moderate- Income Communities.” The Change Company’s initiative pledges $1 billion of fair and responsible new lending in LMI communities to expand homeownership. The Change Company has published the Prosperity NOW study on the Insights section of its website at www.changellc.com/insights/.
Rev. Everett Bell, Jr., Chair of The Change Company’s Community Advisory Board, said, “This important research by Prosperity NOW helps to identify best practices for growing homeownership and helps to uncover systemic issues impeding home lending in low- to moderate- income communities. The Community Advisory Board of The Change Company is proud to have sponsored this research and we thank Rev. Dr. Charles Dorsey for leading this effort on our behalf. Based upon the advice and recommendations of our Community Advisory Board, The Change Company has pledged to deploy $1 billion in new lending to grow homeownership in LMI communities.”
The Change Company raised over $80 million from a coalition of 18 socially responsible banks as part of the LMI Homeownership Initiative. The Change Company also separately announced initiatives pledging $2 billion of additional lending to increase homeownership for Black and Latino Americans. The Black Homeownership Initiative was launched in partnership with Netflix. The Change Company will originate loans to homeowners through its proprietary digital platform and by empowering its 600-plus origination partners.
“We are proud of the thought leaders we have on our Community Advisory Board and are honored to have the benefit of their advocacy on behalf of the underbanked Americans they represent. Their work with Prosperity NOW to develop best practice approaches to meet the needs of our LMI communities has enabled The Change Company to confidently and prudently grow our lending where it is needed most,” Steven Sugarman, Founder of The Change Company, said. “We are excited to see the LMI Homeownership Initiative change lives and transform communities.”
About The Change Company
The Change Company empowers homeowners, small businesses, and consumers to pursue their American dreams by bringing social and racial equity to banking and lending. The Change Company team has built businesses that have lent American consumers and businesses over $50 billion, served over 250,000 borrowers, and provided financial services, directly and through partnerships, to over two million Americans.
For more information: http://www.ChangeLLC.com/
About Prosperity NOW
Prosperity Now believes that everyone deserves a chance to prosper. Since 1979, we have helped millions of people, especially people of color and those of limited incomes, to achieve financial security, stability and, ultimately, prosperity. We offer a unique combination of practical solutions, in-depth research and proven strategies, all aimed at building wealth for those who need it most. We recognize the devastating impact of the racial wealth divide on people and our economy, and we strive to equip organizations of color and others with the capacity, tools, and cultural competency necessary to address structural and systemic barriers facing families of color.
For more information: https://prosperitynow.org/
Contacts
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