Comptroller of the Currency Joseph Otting and senior staff visited an event promoting affordable and sustainable homeownership in Baltimore on Monday.
The free “Achieve the Dream” event hosted by the non-profit Neighborhood Assistance Corporation of America (NACA) was part of a series the organization hosts around the country that provides counseling to potential homebuyers, helps them prepare for homeownership, and works to qualify them with an affordable mortgage.
“Knowledge is power,” said Comptroller of the Currency Joseph Otting. “The education provided to these potential homebuyers through programs like these can unlock the door to achieving what is the American dream for many. The sort of community service and support provided through these programs is an example of what we envision when we talk about encouraging more investment, lending, and services through modernizing the Community Reinvestment Act.”
During the visit, the Comptroller and staff sat down with more than a dozen recent homebuyers who achieved homeownership through the NACA program. The homeowners shared their personal stories and how they overcame the many barriers that underserved and low- and moderate-income individuals face when considering purchasing a house. Some of the barriers faced include high savings requirements, unaffordable terms, restrictive underwriting, and bias.
NACA is the largest counseling organization certified by the Department of Housing and Urban Development with more than 2.7 million members. The organization has provided affordable solutions for more than a quarter million homeowners. Mortgages are provided in partnership with national banks who have committed $15 billion to support the program.