UnidosUS, a nonpartisan civil rights organization for the Latino community in the U.S., has launched a new initiative called HOME (Home Ownership Means Equity), which aims to influence systemic change to increase Latino ownership in the United States. The initiative addresses the diverse challenges Latinos face when trying to buy a home by expanding market opportunities and providing resources needed to assist potential homeowners during the buying process.

Wells Fargo is the first anchor funder of the HOME initiative as part of a $25 million philanthropic investment in community programs by UnidosUS and nonprofit affiliate partners to promote Latino ownership across the country. Of the $25 million in funding, 40% ($10 million) will go toward the development of the HOME initiative. In addition, UnidosUS will seek an additional $100 million fundraising effort over the next seven years to advance the program's goals, according to a report by Al Día.

According to UnidosUS President and CEO Janet Murguía, home ownership has historically been an effective way for families to build generational wealth in the United States. While Latinos continue to face barriers in this regard, they have a great opportunity for growth in U.S. homeownership. Through the HOME initiative, UnidosUS aims to help create four million new Latino homeowners by 2030, seeking to shape the necessary policy reforms and provide the tools and resources needed for Latinos to successfully navigate the homebuying process.

The UnidosUS HOME initiative has an agenda with five key points: 1) creating access to credit by modernizing lending rules, supporting ITIN (Individual Taxpayer Identification Number) holders and self-employed borrowers, diversifying access to languages and improving access to credit for innovative housing solutions; 2) increase housing supply by supporting increased density through zoning reforms, leveraging federal tax policy to increase supply for first-time homebuyers, and supporting the construction workforce; 3) preserving home ownership through measures such as the interagency assessment task force, improving the affordability of loans for home renovations, and supporting policies that facilitate the transfer of wealth between generations; 4) activate select UnidosUS community affiliated organizations to provide consumer education and housing counseling, assisting prospective Latino homeowners make informed decisions during their home-buying journey; 5) strengthen Latino leadership representation by empowering leaders with lived experiences in the real estate industry.

According to Al Día, “To power various elements of the HOME initiative, UnidosUS will launch the first cohort of cities slated to receive targeted investments through the HOMEownership Solutions Network. The first cohort includes Chicago, Illinois; Phoenix, Arizona; Stockton, California; Orlando, Florida; and Houston, Texas — all cities with large Latino populations and tremendous housing opportunities for prospective Latino homebuyers and builders”.

The initiative will continue to expand into other cities across the country through future cohorts.