The National Association of Real Estate Brokers, Inc. (NAREB) announced the launch of a 25-city, $1.2 billion industry-led solution to the nation’s housing crisis called the Homeowner’s Assurance Program (HAP).
NAREB was formed in 1947 by African American real estate professionals and is the oldest minority trade group in the United States, composing of Realtists, sales agents, appraisers, mortgage brokers, and loan officers as well as practical experts in pre- and post-counseling, loss mitigation, foreclosure, property management, housing construction, and development.
NAREB and its professional network will provide the agent infrastructure to manage, market, and dispose of nonperforming loans and REO assets acquired under the program with the aim of selling them to first-time home buyers and others who are caught in the credit crunch and having trouble purchasing a home.
Private and Wall Street investors are providing the $1.2 billion in initial capital for the program roll-out in 25 markets. Real estate-related small businesses in the targeted markets will also benefit by the jobs and income HAP will generate as a result.
A beta test is already taking place in the Atlanta metropolitan area. The official roll-out of the program in the second quarter of this year will expand HAP to the Los Angeles, Houston, Miami, and Baltimore markets.
“The goal of HAP is to bring back the American Dream to millions of people throughout the nation,” said Julius Cartwright, president of NAREB.
NAREB announced the launch of HAP on Friday at its 65th Annual Mid-Winter Conference, which kicked off February 21 and runs through February 25.
Full article by Carrie Bay of DSNews.com here.