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The Mortgage Bankers Association (MBA) recently launched a major pilot program to promote minority homeownership opportunities in Columbus, Ohio.

The details:

– CONVERGENCE: Columbus is led by MBA, the Ohio Housing Finance Agency and the John Glenn College of Public Affairs at The Ohio State University.

– It will be a multi-year commitment involving stakeholders from the government, the nonprofit sector and the housing finance industry.

– MBA launched a similar pilot program in Memphis in 2020.

The takeaway:

MBA hopes to use the Memphis and Columbus initiatives to produce a “roadmap” for more minority homeownership partnerships. The organization says it has committed to reducing the racial homeownership gap and promoting sustainable homeownership policies for communities of color through its Minority Homeownership Joint Task Force and two advisory councils on affordable homeownership and affordable housing.

“Our goal is to bring together a local network of public officials and housing leaders to identify and collaborate on new ways to promote sustainable homeownership for underserved people and communities in Columbus,” said MBA President and CEO Bob Broeksmit, CMB. “For too long, our nation has faced distressing minority homeownership gaps. We want to do our part to address this problem by working with others to try new and bold approaches.”

“We believe that homeownership can reduce the racial wealth gap and create a stronger foundation for community stability and economic prosperity,” said MBA Senior Vice President of Affordable Housing Initiatives Steve O’Connor. “Columbus has an impressive network of government, nonprofit and housing industry stakeholders who care deeply about increasing minority homeownership. We are honored and excited to be working with them.”

For more information on CONVERGENCE and MBA’s affordable housing initiatives, click here.