U.S. Rep. Bobby L. Rush (D-IL) Awards Rebirth Of Englewood For Increasing Minority Homeownership At Congressional Black Caucus Award Ceremony Rebirth Of Englewood Is The First Recipient Of Annual Best Practices Award
Washington, DC.----Congressman Bobby L. Rush will award the first annual With Ownership, Wealth (WOW) Program of the Year award to the Chicago-based Rebirth of Englewood Development Corporation at the Best Practices Summit in Washington, D.C. hosted by the Congressional Black Caucus Foundation (CBCF) on Tuesday, April 5, 2005, for their leadership and development of programs that have increased minority homeownership.
Since the establishment of the 10 Weeks to Homeownership program in 2003, the Rebirth of Englewood Development Community Development Corporation (ROE CDC) has helped more than 100 families close on home mortgages that have totaled $9 million.
It is a great honor to recognize Rebirth of Englewood Development Corporation, because they have truly delivered on the Congressional Black Caucus vision to map out a strategy to increase homeownership, said Rush. The true reward, however, has always been taking families of renters and converting them into homeowners, which is the foundation for building wealth.
The CBCF launched the WOW initiative five years ago in an effort to promote homeownership. With minority homeownership currently at 48 percent in comparison to 72 percent of white Americans, African Americans have benefited from programs such as 10 Weeks to Homeownership, which breaks down complicated details of the buying process.
In 10 weeks, we provide participants with resources that educate and allow for open dialogue on all aspects of homeownership from reading a credit report, financing and what to look for during walk-through inspections of model homes, said Vincent Barnes, executive director of ROE CDC. We are honored to be first recipients of the Congressional Black Caucus Best Practices award and will continue to break down barriers of misinformation, which has previously discouraged African Americans from pursuing their dream of owning a home.
The CBCF WOW Best Practices Summit is designed to bring together program stakeholders (e.g. members and their representatives, local non-profit practitioners, lenders, steering committees, advisory boards, and other housing industry professionals) from the local and national levels to discuss opportunities and challenges faced in the previous five years and share strategies for strengthening the program.
The next 10 Weeks to Homeownership conference kicks off Saturday, May 14, 2005. To register, please call the Rebirth of Englewood Development Corporation at (773) 778-2371 or visit them on the Web at www.roecdc.net.