Faith and Community Empowerment (FACE) hosted a press conference on Monday, June 26, to announce their FREE 26th Annual Homeownership Fair. The fair will take place on Saturday, July 15, from 9 a.m. to 1 p.m., at Wilshire United Methodist Church, 4350 Wilshire Boulevard in Los Angeles.
The press conference included FACE collaborators, L.A. County Asian American Employees Association (LACAAEA), L.A. County African American Employees Association (LACAAEA), Wilshire UMC, and the Dreams Come True Foundation as well as lead sponsors First Citizens Bank, US Bank and Bank of Hope.
Hyepin Im, FACE’s president/CEO, addressed the disparities in homeownership rates in her opening remarks.
“Our organization formed in 2001 and with the help of over 800 partners ranging from White House to Fortune 500 companies, we have helped to bring many initiatives to the community including the hope of homeownership. To date, we have helped over 15,000 individuals be on their way to homeownership,” said Im.
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“Contrary to the model minority myth, many AAPI subgroups have low homeownership rates. In fact, Korean and Black homeownership rates are the same, but there are many other AAPI subgroups who are in worse conditions. Through this fair, we want to serve and share the good news that homeownership is possible whether you have low credit, not enough downpayment, or not enough income,” she noted.
“There are various programs including the City of L.A. downpayment assistance programs that provide up to $140,000 downpayment assistance to other bank programs that require no downpayment, no minimum credit score, no mortgage insurance to closing cost. We want to invite people to the homeownership fair and learn what is possible!”
The event’s collaborators shared how the event aligned with their individual organizations’ goals for equity and bringing valuable resources to the community. They shared their support for FACE and the 26th Annual Homeownership Fair.
“Homeownership is a key part of the American dream, and we want to help make it a reality for more Asian Americans and Pacific Islanders. The First-Time Homeownership Fair will provide valuable information and resources to help people navigate the homebuying process,” said Eddie Yen, LACAAEA president.
DeLlora Ells-Gant, LACAAEA president, cited her organization’s desire to close the wealth gap in the African American community.
“The last State of Black L.A. report showed that there are African Americans that are worse off than we were in the 1950s and the 1960s, especially in the area of home ownership. So LACAAEA, [is] very interested in making sure that we close the wealth gap, but also make sure that we are helping our members,” Ells-Gant said.
Offering similar comments, Peter Park, founder/chairperson of Dreams Come True Foundation, said, “We are thrilled to be part of the upcoming homeownership fair hosted by FACE, where Dreams Come True Foundation proudly joins in empowering individuals and families in achieving their dreams of owning a home.”
Phil Collins and Connie Collins, representing Wilshire United Methodist Church, added, “We hope the resources and information that are provided during the fair will be invaluable for those pursuing homeownership. So, we welcome everyone seeking a place.”
FACE was also able to highlight two clients who recently bought homes with FACE’s help, utilizing the various downpayment assistance programs available in the city and county.
Myeko Smith, a FACE Homebuyer Education client, purchased her first home – a $335,589 property in the city of Carson – with the help of $100,000 in down payment assistance from NHS LA County’s CalHome Assistance Program. She used only $10,000 of her own personal funds to complete the purchase and in only 4 months her equity went up by $100,000.
Representatives from the lead sponsors also shared the words of support for the event and how it addresses the importance of long-term wealth building:
Eric Asiedu, director of Mortgage Marketing and Sales Support at First Citizens Bank explained that his firm’s partnership with FACE has been rewarding and strategic.
“The reason why I bring up the word strategic is because we know as a bank, we cannot reach and touch all of our constituents or all the people that bank with us. So, our partnership with FACE gives us the ability to bring everybody together to be able to serve that community, and it has been very rewarding for us in the last three years,” said Asiedu.
“We’re really excited that Bank of Hope now is able to partner with the city of Los Angeles for their $140,000 low income purchase assistance program and the moderate income purchase program as well,” said Lisa Hill, vice President and community development officer at Bank of Hope.
“We’ve been working with FACE for many years in the community and we would like to continue working [together].”
Julie Davis, Mortgage Sales manager at US Bank, said, “The reason we partner with FACE is because we need to get education into the community and prepare homeowners for that journey. So, we’re thrilled to be involved. We’re passionate about homebuyer education and we will be at the fair… I look forward to seeing all of you begin your journey to homeownership.”
Also, Justin Davis, vice president/regional sales manager at Hanmi Bank, urged potential homebuyers to attend the fair.
“I didn’t know about these resources when buying my own home and so, we didn’t take advantage of the programs,” said Davis. “So, my advice would be not to be like me, and go register. The next steps would be to register on www.facela.org.”
To register for the homeownership fair, visit facela.org/homeownership-fairs or call (213) 985-1500.
