In response to historical racial homeownership disparities, the Miami-Dade Economic Advocacy Trust (MDEAT), an agency working to improve the economic development of Miami-Dade County’s Black community, will produce a Housing Hub with sponsorship from Bank of America. More than 60,000 people are expected to attend the Jazz in the Gardens 2023 Music Festival on March 11 and 12 at Hard Rock Stadium in Miami Gardens.
Attendees can come to the Hub to start their homeownership journey from 4 – 8 p.m. This interactive, community-facing experience allows attendees to meet MDEAT team members, Bank of America community lenders, and HUD-certified housing counselors, access giveaways, and cement their experience with a photo in the Hub’s 360 photo machine.
“MDEAT serves a community that has faced historical barriers to homeownership. The Housing Hub reflects part of our commitment to leverage resources and relationships to help our target market access the American Dream of homeownership,” said MDEAT Executive Director Bill Diggs. “We invite the community to meet our team and learn how we can help you accomplish your homeownership goals.”
“We are delighted to sponsor this important resource and look forward to serving the community with the information and tools they need to further their homebuying journeys,” said Vania Laguerre, Bank of America Market Executive for Miami.
Since 1995, MDEAT has invested over $17 million to help more than 3,100 Black families purchase homes in Miami-Dade County. The agency recently doubled its down payment/closing costs subsidy to $28,500 for qualified participants. MDEAT’s Housing Division has expanded its service to include assistance for home rehabilitation, construction, and housing development projects.
Research from the National Association of Realtors reveals a nearly 30-percentage-point gap in homeownership between White and Black Americans; for Hispanic buyers, the gap is nearly 20 percent. And the competitive housing market has made it even more difficult for potential homebuyers, especially people of color, to buy homes.
In 2019, Bank of America launched and later expanded its Community Homeownership Commitment to help put people on the path to affordable and sustainable homeownership. The program includes specially designed products, grants, educational resources and expertise, including linkages to a national network of affordable housing nonprofit partners who provide in-depth homebuyer education and counseling.
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