Making Quality Housing Affordable Again for Latinos in Los Angeles

By Agatha So, Policy Analyst, Economic Policy Project, NCLR

ELACC and partners with tenants’ rights fighters and allies from all over the state of California. Photos: ELACC

Homeownership continues to be essential to the creation of Latino family wealth, yet many Latino families are still trying to recover from the loss of their home to foreclosure during the financial crisis, as well as job loss during the recession that hit Latino communities hard.

For families who live in expensive cities like Los Angeles, homeownership can seem even further out of reach. In L.A., more than half of a family’s earnings goes to rent, and at 38%, Latinos have a lower rate of homeownership compared to other groups in the city. Even as families overall might pay less for a mortgage than on rent, Latino renters have difficulty saving for a down payment, let alone for a mortgage that would require nearly three times their median household earnings. Faced with this problem, community-based affordable housing organizations are finding creative ways of engaging community residents to make housing affordable for all.

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How One NCLR Affiliate is Helping Low-Income Latinos Build Wealth

By Agatha So, Policy Analyst, Economic Policy Project, NCLR

Senior Counselor Dora Beltran talking with participants in the citizenship program, held at our Affiliate CARECEN in Washington, DC.

Building wealth is essential for Latinos to achieve financial prosperity today, and is essential to the prosperity of generations to come. That’s why NCLR works with nearly 300 community-based Affiliates across the country to help Latinos improve their credit, increase their savings, and build wealth. The Washington, DC-based Central American Resource Center (CARECEN), a member of the NCLR Homeownership Network (NHN), is a pioneer in offering financial capability services for Latino families. As we continue Financial Capability Month, we’re proud to feature the work of Anabell Martinez, Housing Director at CARECEN.

Martinez and the CARECEN staff focus on how they can empower Latino families to make informed financial decisions. “For many clients coming to CARECEN for financial counseling, it’s the first time they hear about making a budget,” said Martinez. She understands the need for financial capability because she knows what kind of questions Latino families have about building wealth and the difficulties they face to protect what they have earned.

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