New American Funding (NAF) announces the launch of NAF Black Impact, formerly known as NAF Dream, to focus on loan officer recruitment, education, and efforts to expand Black homeownership.
“Increasing homeownership rates in the Black community is a critical step toward closing the racial homeownership gap,” said Patty Arvielo, NAF co-founder and CEO.
NAF Dream first launched in 2016, and while the program has continued to be a success, the company is renaming the program to NAF Black Impact to signify its commitment in taking direct action to address credit accessibility, and promote sustainable, equitable homeownership for Black individuals and communities.
The Black Impact program is intended to foster opportunities for Black families and break down barriers to homeownership. To accomplish this, NAF has committed to extending $20 billion in new mortgages to Black homebuyers by the year 2028.
“For us, this is much more than a rebrand of the initiative," Arvielo said. "This was a necessary step to demonstrate our responsibility to the Black community. NAF Black Impact means that we commit to providing access to mortgages and financial resources to help more Black families achieve homeownership. By providing the necessary support, we believe that we can make a difference and create a more equitable society for all.”
Additionally, NAF Black Impact is partnering with real estate agents, lenders, and community organizations to ensure that Black homebuyers have access to fair and affordable housing options. NAF is also providing the Black community with access to educational resources, products, services, partnerships, and in-market support to drive sustainable home buying and investment purchase goals.
According to NAF’s press release, the name change reflects the company's growing dedication to assisting Black borrowers in overcoming systemic barriers that perpetuated disparities in homeownership for many years, as highlighted in NAF’s recently released white paper, Empowering Homeownership in Diverse Communities.
But if reading the white paper isn’t convenient, feel free to check out NMP’s latest Gated Communities episode where Arvielo and NAF’s Senior Vice President of Strategic Growth and Expansion, Mosi Gatling, discuss the white paper at length. In a lively episode, Arvielo and Gatling talk about their career journeys and explain the difference between authenticity and pandering when it comes to helping under-resourced communities.
