The Arthur M. Blank Foundation, one of the largest philanthropic organizations in Atlanta and around the country, has reached the $8 million mark in grant-giving under its mental health and well-being portfolio this year.

That amount is $3 million more than what was committed to mental health and well-being-focussed organizations last year, according to a release from the foundation. The announcement comes at a time when Americans are dealing with seasonal affective disorder (SAD) during the holidays, according to data provided by the Office of the Surgeon General.

Last year the Arthur M. Blank Foundation gave grants to organizations, both big and small, according to Brown. The Carter Center received a half-million-dollar program grant to support its public education around mental health parity. Hopelab, a San Francisco-based social innovation lab focused on designing science-based technologies to improve the health and well-being of teens and young adults, received a $300,000 grant.

Up to 95% of youth ages 13-17 use a social media platform, according to the U.S. Surgeon General. A recent survey showed that teenagers spend an average of 3.5 hours a day on social media and when asked about the impact of social media on their body image, nearly 50% of adolescents aged 13-17 said social media makes them feel worse, according to the survey.

Another organization that the foundation has given funding to, Kate’s Club, is geared towards supporting young people. Kate’s Club, an Atlanta-based organization that assists kids with grieving the loss of a loved one, received a $250,000 general operating support grant.

The Atlanta Voice spoke to an Atlanta-area pediatrician about the need for funding mental health education and training for youth/teens. “Mental healthcare often has poor reimbursement, especially for patients with Medicaid, so access is an issue,” he said. “Nonprofits can help subsidize care.”

Black Girls Smile, an Atlanta and New York City-based organization that works to encourage positive mental health education for Black women and girls, has been granted funding from the foundation.

Five to 10 years ago funding was going to healthcare organizations, with hopes that mental health education and training would be a part of the work being done. Now it’s being earmarked for mental health specifically, Brown explained.

Future endeavors for the foundation’s philanthropy include children and infant mental health, maternal mental health, climate anxiety, digital mental health, and loneliness.

“In the next year we are still learning quite broadly in this space,” Beth Brown, Arthur M. Blank Foundation managing director of mental health and well-being told The Atlanta Voice. “We will have a more found strategy and a very specific role for the foundation.”

The Arthur M. Blank Foundation recently reached the $1 billion mark in overall giving during the life of the organization.

A full list of grants from the 2023 Mental Health and Well-Being portfolio is available on the Arthur M. Blank Foundation website.

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Operation HOPE founder and CEO John Hope Bryant appeared on the main stage of the grand ballroom inside the Hyatt Regency Atlanta by way of a leap. He was excited to have the conversation that was scheduled to take place on day two of the The HOPE Global Forum, which returned to downtown Atlanta Sunday, Dec. 10.

Delta Air Lines CEO Ed Bastian was the guest for a discussion titled, “Taking Flight: How investing in people and culture are paying dividends”. In 2022 Delta employed over 95,000 employees around the country, according to the company’s website and data provided by data website macrotrends.com. That was an increase of nearly 15% year-to-year. Bastian mentioned that there are now 100,000 global employees of the air line and talked about the many ways the company continues to keep employees.

“One of the things at Delta that we hold dear is our people,” Bastian said. “That’s the model: take care of your people first.”

Bastian said that the 100,000 employs under his care as CEO are a main focus and part of taking care of people as a major company and Georgia’s largest employer is making sure their financial situations are good.

Hosted by Operation HOPE, an Atlanta-based financial education and empowerment organization, the three-day event was themed “Making the Case for Optimism” and featured industry leaders in business, faith, real estate, healthcare, transportation, logistics, sports, finance and journalism/media. Delta’s Emergency Savings Program was launched in January 2023 with the express purpose of educating employees about how to save money, and providing financial literacy.

Delta partnered with Operation HOPE and Fidelity Investments on the program.

“Businesses have the resources to make a difference and businesses need to step up,” Bastian said. “We can’t take care of the whole country, but we can take care of Delta employees.”

Bastian revealed that delta employees have spent 3.5 million hours taking part in the financial literacy course work provided by the Emergency Savings Program.

Hearing those numbers, Bryant said, “I’m proud to say it features Operation HOPE.” He shared a story of how a Delta employee who he chose to not name, said he and his wife no longer fight over money. “I’m trying not to get too emotional right now,” Bryant said during the story. “We need heroes and she-roes in business. You can do well and do good at the same time.”

Bastian followed by saying that it’s really about doing good by people while simultaneously doing billion dollars of business all over the world. “So our opportunity to do the right thing is also the strategic thing,” said Bastian.

Delta Air Lines Vice President, Total Rewards Kelley Elliott joined Bryant on stage after Bastian left, and reiterated the point that 50% of Americans do not have immediate access to $1,000 in case of a financial emergency. Elliott said access to financial literacy for its employees remains among the company’s goals going forward.

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Health care consortium Kaiser Permanente is contributing a combined $1.75 million in grant funding to two Atlanta-based beneficiaries working to close the socioeconomic equity gap in maternal and infant care.

The Morehouse School of Medicine and the Healthy Mothers, Healthy Babies Coalition of Georgia will receive $1 million and $750,000, respectively, to research solutions and expand preexisting programs that increase public access to medical resources and assistance and improve the chances of safe pregnancies, childbirths and postpartum experiences.

According to a statement announcing the grant, the Morehouse School of Medicine will use its share of the funding to conduct a study documenting the near-death experiences of birthing mothers of color, as well as the repercussions of maternal near-miss experienced by loved ones, health care providers and communities at large. The results of the study will be used to readjust maternal care practices and enhance health care techniques for people of color as they give birth.

“Our collaboration with Kaiser Permanente signifies our commitment to amplifying the voices of the community, fostering community education on maternal near misses and severe maternal morbidity, developing and implementing insightful case studies for health care professionals, launching impactful public health awareness campaigns and influencing policy strategies,” said Dr. Natalie D. Hernandez-Green, executive director of the Morehouse School of Medicine’s Center for Maternal Health Equity. “Our ultimate goal is to ensure that women and their families receive the indispensable support and resources needed for not just survival, but for thriving in every aspect of their lives.”

The Healthy Mothers, Healthy Babies Coalition of Georgia will utilize its share of the grant to further develop its Building Perinatal Professionals program and Perinatal Care Package project, two initiatives created to offer free postpartum support to low-income mothers and mothers of color, who, according to the Centers for Disease Control and Prevention, are disproportionately affected by the lack of accessible resources and assistance that promote safe and healthy childbirths.

“We are truly honored to work alongside Kaiser Permanente in prioritizing the health and well-being of women and birthing people across Georgia,” said Ky Lindberg, CEO of the Healthy Mothers, Healthy Babies Coalition of Georgia. “When families have access to the education, resources and support to make informed health care decisions for themselves and their little ones, we all win.”

Kaiser Permanente is investing in advancing maternal and infant care for the second consecutive year, following its contribution of nearly $200,000 to the Georgia Family Connection Partnership and the Center for Black Women’s Wellness in 2022. The largest nonprofit health plan in the state will also distribute an additional $1 million to the Georgia Charitable Care Network and the Georgia Association for Primary Health Care to expand medical care access to uninsured and underinsured residents.

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Aisha Nyandoro was one of eight speakers to address a full crowd at TED’s three-day TEDWomen 2023 conference Thursday afternoon, hosted inside the Woodruff Arts Center in Midtown.

In her 13-minute lecture, the founder and CEO of Springboard to Opportunities spoke about her nonprofit work with poverty-stricken families in Mississippi and the importance of having access to cash when building and sustaining personal and generational wealth.

Based out of Jackson, Springboard to Opportunities connects families in need to programs and resources designed to assist those struggling financially in the state, particularly those residing in federally subsidized affordable housing.

Nyandoro said that these families, often led by single Black women, commonly lack the liquidity necessary to afford resources outside of basic necessities, including emergency expenses like car repairs that would prevent them from holding a job in the first place. To respond to this need and accelerate the organization’s progress, Nyandoro also founded the Magnolia Mother’s Trust in 2018, an initiative that grants $1,000 monthly to qualifying single mothers for a year.

Nyandoro said that $12,000 annually can be a life-changing amount of money for matriarchs accustomed to stretching a restricted income to cover basic necessities, wants and personal emergencies. The program benefits Black women breadwinners mentally, emotionally and financially by giving single mothers a guaranteed income to help care for their families and ensure financial stability between pay periods.

“We provide $1,000 monthly for 12 months for Black women,” Nyandoro said. “And our goal is still to provide these women with the breathing room they need by giving them the financial resources they need to dream a little bigger.”

The Magnolia Mother’s Trust is the first modern guaranteed income program in the United States, as well as the first in the world to center its efforts on supporting Black women specifically.

“(The monthly stipend) allows you to take care of the practical needs, like getting your car repaired, but it also allows you to shift your reality from scarcity to abundance; from tunneling to imagination; from scraping by to genuine opportunity,” Nyandoro said.

Aside from offering monetary assistance, Nyandoro said the program also allows struggling mothers to reshape their definition of wealth from one grounded in survival to one that is based around financial freedom and the well-being of their families.

“Black women have ushered in a movement, and it has been beautiful,” Nyandoro said. “But it is just the start.”

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A good credit score is a critical part of a healthy financial future. 

Having strong credit can make it easier to get a car loan, mortgage, an apartment and even some jobs. Because lenders use your credit score to help assess your reliability as a borrower, a high credit score can help you qualify for lower loan interest rates – saving you money over the course of your lifetime.

There’s no fast track to building credit or improving your current score, but you can help make the process much easier. These five steps can help:

1. Find out your current credit score

Most adults already have a credit score that can be obtained by requesting a credit report and reviewing it carefully. You’re entitled to one free report each year and can request it at AnnualCreditReport.com. Chase Credit Journey^®  can also help you manage, monitor and protect your credit.

• Apply for a credit card
  If you’re starting to build credit, credit cards can speed up the process if used responsibly. Since credit card companies report activity to credit agencies, healthy activity can be a huge help when it comes to building your credit. Student and other new-to-credit credit cards are a good option for those who are looking to build credit. Establishing a credit score and history requires having an account open for at least six months, so be patient and diligent about practicing healthy credit habits.

• Address debt impacting your score

It’s expected for consumers to have some debt, but significant credit card debt and missed loan payments can have a major impact on your credit score. Pay bills on time and don’t overspend – maxing out a credit card or coming close to your limit will lower your score. If you’re working to rebuild your credit, pay down debt as much as possible and catch up on past-due bills. Also be careful about searching for new lines of credit while carrying significant debt – lenders could see this as a risk and your score could drop.

• Practice good financial habits in other areas

Establishing a savings and checking account, renting an apartment and paying utility and other bills on time are among the activities that help show lenders you’re fiscally responsible. While these actions might not directly affect your credit score, they’re beneficial practices lenders will notice when considering your application for a car loan, mortgage or other major life goal. 

• Help your children build credit

Opening checking and savings accounts for your children can help teach them about everything from depositing your paycheck to easily paying your bills — the basic building blocks of your financial infrastructure. You can also consider making your teenager an authorized user on your credit card account to assist them in establishing their own positive credit history. Take this approach if you consistently pay your credit card bill in full and on time, as late payments can also impact your child’s credit report, in addition to your own.

Building and rebuilding credit takes time and patience, but the results are worth it. A solid credit history can help you build generational wealth, reach your financial goals and establish long-term fiscal stability for you and your family. For more information on the basics of building credit, visit chase.com/personal/credit-cards/education.

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Fiserv, Inc., (NYSE: FI)  the international financial tech service company not only loves but believes in Atlanta. Based in a Milwaukee suburb, the company is putting its money where its mouth is. 

In addition to the funds already invested into businesses in the metro Atlanta area, Fiserv is bringing its Back2Business program back to Atlanta and expanding its commitment to supporting black and minority-owned businesses. 

The Back2Business program is a $50 million fund to support minority-owned small businesses through grants, coaching and access to technology and networking opportunities. An additional $1 million in grants will be awarded to qualifying businesses in metro counties: Fulton, DeKalb, Cobb, Clayton, Cherokee, Douglas, Gwinnett, Henry and Fayette. The businesses will be able to apply for grants up to $10,000.

“Small businesses are the backbone of our communities, and providing resources through programs like Back2Business helps ensure their success in today’s economy, “ said Neil Wilcox, Fiserv’s Director of Corporate Social Responsibility. “Increasing our investment in Atlanta will strengthen our local community, contributing to an ecosystem in which small business owners can thrive.” 

Grants will be administered in partnership with the Association for Enterprise Opportunity (AEO), a leading national voice for underserved entrepreneurs. Small businesses can find out more about the grant and apply at aeoworks.org/Fiserv. Applications will be accepted until all grant money is awarded.

AEO is one of the leading voices of innovation for microfinance and microbusiness. It states their mission is to create economic opportunity for underserved entrepreneurs throughout the United States.

Joining Fiserv at the event were organizations that support the growth of small businesses in metro Atlanta, small business owners and three Atlanta entrepreneurs who have received assistance from the financial giant and the Russell Center.

Testifying that Fiserv does practice what it preaches were Tiffany Moore of Chef Tiffany Moore Gourmet Foods, Kris Hale Dope Pieces Puzzle Company and Kerri-Ann Thomas of Brooklyn Tea. 

Hale told the packed room  that the grant and the support was pivotal in the success of her business. “I used the grant to solidify the business portion of  my plan, getting my trademarks and copyrights complete,” she said. 

Thomas shared how the grant received by Brooklyn Tea helped keep the business going, paving the path for expansion, while Moore noted the ability to grow her brand.

“The Back2Business grant that Brooklyn Tea founders Jamila and Ali Wright received in 2020 helped to keep their doors open during the height of the pandemic,” Thomas said. “Because of the support they received through such financial turmoil, they were able to keep their company afloat, paving the way for partners such as myself to join the Brooklyn Tea movement and open a store in Atlanta.”

“The Back2Business grant helped me start thinking globally about my brand,” said Moore, a native of Atlanta. “Having the support of a company like Fiserv was the additional push I needed to execute plans I thought I would have to wait on longer.”“

Hale also spoke about how the support of Fiserv and RICE have helped her business grow.

“The Fiserv Back2Business program has been paramount to the growth of my business,” said Hale. “The continued support and opportunities to work with organizations like RICE keeps us going and shows a deep level of buy-in and dedication to truly helping small businesses scale and grow.”

All three of the entrepreneurs strongly encouraged the use of the Fiserv Clover system. 

According to Fiserv, Back2Business has contributed more than $1.5 million into Atlanta’s small business ecosystem, including 139 grants to small business owners.

After giving a brief history of the namesake of the center – the late builder Herman J. Russell, Bailey told the audience, many of whom were visiting the center for the first time, that RICE is a special place for entrepreneurs and they won’t find another place like it anywhere in Georgia. 

“At RICE, we are boldly disrupting barriers to economic wealth that many Black businesses face in today’s society,” said Jay Bailey, President and CEO of RICE. “We are taking expedient action with community-minded organizations, like Fiserv, to do more to lift equality for those who need it most.”

As a global leader in payments and financial technology, Fiserv helps clients achieve best-in-class results through a commitment to innovation in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform.

For more information visit:

Fiserv – www.fiserv.com

Russell Innovation Center for Entrepreneurs –  www.russellcenter.org

Association for Enterprise Opportunity (AEO) – aeoworks.org.

(This is sponsored content  provided through a grant from The Russell Center written by The Atlanta Voice.)

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Homeownership represents the very essence of the American Dream, providing individuals and families with stability, financial security, and a sense of pride. Unfortunately, for many aspiring homeowners, the hurdle of amassing the necessary down payment funds proves insurmountable. To counter this challenge, in 2005 Atlanta Housing (AH) established its Down Payment Assistance Program (DPA), an initiative designed to bridge the gap and make homeownership a reality for eligible first-time homebuyers. Thanks to the invaluable assistance provided by the DPA Program, over 1,600 families have achieved their dreams of owning a home.

Our DPA Program provides subsidy assistance to low-to-moderate-income individuals and families who meet the program’s eligibility requirements. Eligible participants of the program receive funds up to $25,000, which can be allocated toward the down payment, closing costs, and other associated expenses involved in purchasing a home. Working with local lenders, Atlanta Housing ensures a seamless integration of the DPA funds into the homebuying process. This strategic partnership enables qualified buyers to access competitive loan products and favorable terms, enhancing their purchasing power.

Over the past five years alone, Atlanta Housing has invested more than $28.6 million in down payment assistance, benefiting first-time homebuyers like Brion Grady.  Brion credits her successful journey to homeownership to the invaluable guidance provided to her by her lender and mortgage loan officer, and her AH Homeownership Program Specialist. The $20,000 she received from Atlanta Housing’s Down Payment Assistance Program empowered her to remain a vital part of her beloved community and to begin acquiring generational wealth.

“Atlanta Housing gave me the confidence to know that I deserve homeownership, and I deserve prosperity in Atlanta, just like everyone else,” shared Brion, emphasizing the transformative impact of the program.

Atlanta Housing’s Down Payment Assistance Program brings aspiring homeowners one step closer to a stronger future for themselves and their families. To learn more about eligibility requirements and participating lenders, please visit https://atlantahousing.org/housing-programs/down-payment-assistance.

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Homeownership is the largest financial undertaking for most Americans and a key to building generational wealth. It can provide a  base of security, as building home equity provides you with more financial options in the future. For instance, home equity can be used to pay off debt, increase savings, start a business or invest for the future.

“Buying a home can be exciting, but it can also come with a lot of stress. Learning as much as you can about the homebuying process is the best thing you can do before you start shopping for properties or comparing mortgage options,” said Carol Walton, an Atlanta-based Community Home Lending Advisor with Chase. “If you think you’re ready to take the next step in purchasing a home, please contact me or one of my colleagues to find out more about the tools, resources and capital available to help make your homeownership dream a reality.” 

Below are five first-time homebuyer tips to help financially prepare you for buying and owning a home.

1.     Save today for tomorrow’s financial goal.

If you know you want to be a homeowner, don’t wait until you’ve found the house you want to buy – start saving now. There are many expenses along your homebuying journey, including deposits, home inspections, appraisals, down payment and closing costs. Boosting your savings now can help you prepare for expenses that can occur even after you move in, including unplanned maintenance and repair costs. Begin by setting up an automatic transfer to your savings account from each paycheck and try to set aside bonuses and tax refunds.

2.     Exercise financially healthy habits.

Your credit score is an important measure of your financial health and gives lenders a good indication of how responsibly you use credit. There are several things you can do to improve your credit score, including using monitoring services offered by your financial partner.  Set up alerts to track any new activity, including charges, account openings and credit inquiries. 

3.     Describe your dream home.

The homebuying process often brings up  a lot of questions related to your finances and lifestyle. How are the nearby schools? Is it close enough to work? Is this the right price? The first step to looking for a home is to consider what you truly need in your home. While you may have always dreamed of a two-story house with a yard, take the time to make a list of things you need and want in your new home. Having a clear understanding of your housing needs will help you identify what’s most important when looking for homes. 

4.     Buy within your financial comfort zone.

Your true housing cost includes more than your mortgage payment. A good first step is to use a mortgage calculator to estimate your monthly payment, but you’ll need to add in utility costs (e.g., electric, gas, water and sewer), property taxes, homeowners insurance and any other monthly costs. Also consider the cost of home maintenance, including lawncare, unplanned repairs and a possible Homeowners Association fee. Utilize tools like Chase’s affordability calculator to help you determine how much you can comfortably afford based on your income and debt.

5.     Research down payment assistance programs.

Down payment assistance programs may be provided locally or even through your mortgage lender. Work with your lending professional to understand your options and what may be available to you. Chase, for example, offers eligible customers a $5,000 Homebuyer Grant that can be used toward down payment, closing costs, or even to buy down your interest rate. Learn more about this grant and see if a property you’re interested in is eligible at chase.com/affordable.

There are many resources available to help first-time homebuyers boost their knowledge of homeownership. For more discussions around the homebuying process this podcast, Beginner to Buyer – beginnertobuyer.com – offers conversations with real buyers and expert guests that take listeners through each step of the process – from navigating mortgage rates to preparing for closing.

For more information on home lending financial tools, such as a mortgage calculator, visit chase.com/mortgage.

The post 5 Tips to Become a Homeowner in 2023 appeared first on The Atlanta Voice.

Leadership from JPMorgan Chase, Atlanta Mayor Andre Dickens and other distinguished guests gathered Thursday morning for the grand opening and ribbon-cutting of the company’s newest banking facility in Atlanta’s Summerhill neighborhood.

Located in the heart of Summerhill, the new facility, situated across from Center Parc Credit Union Stadium at the corner of Hank Aaron Drive and Georgia Avenue, will operate in a community center-style format, hosting educational workshops, mentorship opportunities and other chances for personal engagement between banking professionals and clientele.

The new location will be the 16th community center branch in the country and the first of its kind in Atlanta. 

“Atlanta’s growth and prosperity in recent years has exceeded all expectations, but more people need to be part of the opportunity this city represents,” said CEO of JPMorgan Chase, Jamie Dimon, in a press release announcing the opening. “Our Summerhill Community Center branch is our stake in the ground to fuel opportunity for more residents, especially underserved populations. At the same time, we are also growing our presence here through jobs and branches which will have a direct impact on strengthening the local economy.”

The company’s communal approach to banking and financial planning was introduced publicly in 2019 with the opening of its first branch in New York, and now serves as part of JPMorgan Chase’s five-year, $30 billion commitment to narrow the racial equity gap plaguing minority-dominated communities across the United States.

Mayor Dickens said the new location will help remedy the city’s long-standing issue of economic mobility, while also addressing the absence of financial institutions in south Atlanta neighborhoods.

“Historically, Atlanta has been one of the most challenging cities for upward economic mobility in the country,” Dickens said. “I want to make sure that our city grows, but I want balanced growth that everyone can share in this prosperity, and no one is left behind.”

Chase also works closely with nonprofits and other influential organizations to accomplish their philanthropic goals within underrepresented communities.

Grant Hill, co-owner of the Atlanta Hawks, said he is proud to partner with Chase to help initiate change across areas of improvement in the city.

“We’re so excited,” Hill said. “We’re beyond thrilled and we want to try to amplify what Chase is doing, and really teach financial literacy, financial education, and work in collaboration to try to decrease that wealth gap that we’re all familiar with. Today is symbolic of a great partnership, great initiative and a great day and future for the City of Atlanta.”

JPMorgan Chase’s Summerhill branch will be operated by company representatives equipped with financial planning experience, who are also native to the Atlanta area. 

Mathilda Lambert, Atlanta Community Manager at Chase, said the Summerhill branch will benefit the surrounding neighborhood through the impact of financial education.

“Today is both meaningful to me professionally and personally,” Lambert said. “We are committed to bringing access to resources that will impact the next generation of Atlanta residents. Our community center here at Summerhill is an extension of that commitment.”

Lambert also said the opening of the Summerhill branch will serve as a continuation of work already initiated by Chase to make financial opportunities and resources more accessible to Atlanta residents and business owners.   

“We opened the Chase Lounge at the Russell Innovation Center for Entrepreneurs to help entrepreneurs gain access to financial health tools in the same place where they are starting and running their businesses,” Lambert said. “So we’re super excited that Summerhill is going to be an expansion of the work that we have already started.”

Kevin Brown, branch manager of the Summerhill location, said he looks forward to conversing with future clients in order to help them generate wealth and ultimately reach their financial goals.

“There’s a reason we call this a community center,” Brown said. “Because everything we will do in this branch will be intentional and centered around this community.”

Jason Winston, city council member representing Atlanta’s first district, said the bank’s opening will increase financial opportunities for college students, as well, with portions of Georgia State University’s campus sitting blocks away from the branch.

“There’s a lot of college students that are just across the street or down the street that will now have the opportunity to do their banking right in this community,” Winston said. “So we are beyond thrilled to welcome the new Chase banking center to this wonderful neighborhood.”

Winston also said that Chase’s involvement in Summerhill is assisting a community already experiencing revitalization, following a period of economic stagnation partially sparked by the erection of Atlanta’s highway system and university expansion.

“There is a tremendous amount of new development happening. New homes are being built and businesses are back,” Winston said. “So it is only fitting that Chase will be at the center of this growth.”

JPMorgan Chase’s expansion to the Summerhill neighborhood is part of a larger initiative to expand the company’s presence across the metro Atlanta area. The company plans to open 

15 additional branches in greater Atlanta by 2024.

Chase will also hire an additional 500 employees across multiple industries by the end of 2025, increasing its workforce locally by about 33%. The bank will also expand its office space in Buckhead by approximately 40,000 square feet to accommodate this future growth.

Dimon said this growth will, in turn, benefit the communities surrounding the cities in which they establish roots, as Chase relies on local and minority-owned businesses to build and support their community center locations. He also said Chase’s community center model attracts small businesses in search of financial education and support.

“The community center is usually built by minority contractors, the food we have at events – local vendors,” Dimon said. “Does the community center model, in fact, lift up the neighborhood? We believe it does, and the people love it.”

The post JPMorgan Chase opens Summerhill branch, continues growth across Atlanta appeared first on The Atlanta Voice.

The Financial Journey is a unique series focused on financial education and opportunities. These stories have been created through a strategic partnership between Wells Fargo and Word In Black.

According to a recent report on housing by the National Association of Real Estate Brokers (NAREB), the gap between Black and white homeownership is widening. However, NAREB’s 2022 State of Housing in Black America (SHIBA) Report offers solutions, including one being enacted by a collaboration between the National Urban League (NUL) and Wells Fargo.

In December 2022, the NUL and Wells Fargo announced a $5 million grant to create the Diverse Appraiser Initiative, a program aimed at increasing diversity and reducing barriers to entry in the home appraisal industry — which was one of the six recommended SHIBA Report solutions.

Due to a long history of redlining, generations of Black Americans have been at a disadvantage when it comes to building wealth in the form of equity via homeownership. A Brookings Institute study found that neighborhoods that were at least 50% Black had homes that, on average, were valued at 23% less than comparable homes in “white” neighborhoods (with less than 1% Black people). That means homes in Black neighborhoods are undervalued on average by $48,000 which equates to a collective loss of $156 billion for Black people.

And according to a Bureau of Labor Statistics survey, the home appraisal industry is 97% white. The Urban Institute and others contend that increased diversity in the appraiser profession can improve the current valuation bias for Black and Hispanic homeowners, which, in turn, can support more equitable homeownership outcomes.

The NUL/Wells Fargo grant, offered as a corrective to this issue, seeks to certify up to 260 diverse appraisers. In addition to supporting the certification of trainees, the initiative includes entrepreneurship and small business development components with a focus on creating 130 potential new businesses.

This NUL initiative is scheduled to begin in early 2023 in Houston, Atlanta, and Charlotte.

“Racial discrimination in the home appraisal industry is a significant barrier to economic equity,” said NUL President and CEO Marc H. Morial. “We’re proud to partner with Wells Fargo on this innovative project to open the doors of opportunity and bring a much-needed new approach to diversity, equity, and inclusion that we hope will serve as inspiration to others in the field and beyond.” 

“We are delighted to continue working with the National Urban League to create more opportunities for underserved communities,” said Kristy Fercho, who was recently named Wells Fargo Head of Diverse Segments, Representation, and Inclusion and continues to lead the Home Lending business. “We’re excited to mobilize the combined resources at Wells Fargo and the National Urban League to help address core barriers in appraiser certification and increase the number of diverse-owned appraisal businesses. This relationship will help to diversify the industry and improve customer confidence in home valuations.”

Wayne Willoughby, Wells Fargo’s Head of Real Estate Valuation Services, concurs.

“Wells Fargo has teamed up with the National Urban League to design and deliver a program that can be leveraged by our peers and other industry participants to bring additional focus and support for growing diverse representation in the appraisal industry,” Willoughby said. “Wells Fargo is further supporting this work by leveraging our industry network partners to recruit diverse talent that express an interest in becoming a real estate appraiser as well as to bring in tenured appraisers to fulfill needed experienced based training opportunities.”

The NUL will provide entrepreneurial training and support on business basics, including formation, business and financial management, and access to capital, to those trainees who are undergoing or have completed the certification process. The Urban League Entrepreneurship Centers will customize these programs for each trainee based on their experience, skill level, and interest.

“We are delighted to bring the business skills training to this industry,” Judson Robinson III, president of the Houston Area Urban League said in a statement. “The Appraisal industry is less than 3% Black, and the need to have people of color and women in this space is urgent. This partnership between Wells Fargo and the three cities selected to operate the program will reduce valuation bias and help ensure the business acumen is in place to create a sustainable minority enterprise. Getting real estate-related licenses and certifications is not new to our community, but pairing it with free, small business training for emerging entrepreneurs is.

“This investment from Wells Fargo complements the various community enhancement programs we already offer in wealth generation and community stabilization. We plan to expand the numbers of new appraisal business created over the next five years to continue improving the expertise of our small businesses while redefining the economy in our community,” added Robinson.

This collaborative effort between Wells Fargo and the National Urban League complements existing commitments by both organizations to help promote fair and equitable home appraisals and advance racial equity in homeownership.

• In 2021, the National Urban League partnered with Fannie Mae to seek applicants for their Appraiser Diversity Initiative Sponsorship Program, which focused on attracting new entrants to the appraisal field, facilitating the transition into the appraisal profession, and helping to foster diversity in the appraisal community.
• In May 2022, Wells Fargo recruited individuals to participate in the Appraisal Associate Program, a multiyear commitment to hire and train individuals from underrepresented communities to become licensed residential appraisers (trainees were also successfully recruited for the program in 2016 and 2018). Ninety-two percent of the trainees are diverse.

The 2022 SHIBA report outlines the status of Black homeownership, the broad challenges that Black families and individuals face when they seek to purchase a home, as well as the impact of new banking trends on their family financial security.

In the first quarter of 2022, the Black homeownership rate was 44.7%, down from 45.3% in 2020.

The Black/White homeownership disparity was 23.8% in 1970 and climbed to over 31 percentage points by 2019. In 2022 the homeownership gap is still “an astounding” 30%, the report states, continuing a two-decades trend of an expanding homeownership gap between Blacks and Whites. Equally important, the current Black homeownership rate remains far below its peak in 2004, when Black homeownership exceeded 49 %.

The report also analyzes the recent trend of non-deposit lenders, such as Fintech companies, increasing their market share of mortgages, and the impact on other bank-related functions.

“Higher profit, more lucrative investment strategies for banks have come at the expense of supporting homeownership and wealth building in low-income communities and communities of color,” the report states. “Federal Reserve data indicate that in the third quarter of 2021, residential real-estate loans hit a historic low as a percentage of total assets (10%) at U.S. banks, whereas the share of safe assets — investments such as cash, Treasuries, and government-guaranteed securities — increased from the prior year. The closing of branches by larger banks in low-income areas and profit-maximizing strategies such as high overdraft fees, debit card swipe fees, ATM withdrawal fees, and wire transfer fees, among other charges, have particularly impacted low-income customers and customers of color.”

In addition, the report finds that 72% of Black applicants and 63% of white applicants applied for loans at independent mortgage companies in 2021. The report notes that traditional banks continued to disproportionately attract white applicants: 33% of white people sought loans from banks in 2021 compared to 20% of Black people. Further, the report notes origination rates were higher at independent mortgage companies than at banks for both Black people and white people. 

“In 2021, denial rates continued to be lower at independent mortgage companies than at banks,” the report notes. “Disparities in denials mirror those in loan origination rates as Black applicants fared much worse than White applicants across all lender types. Black applicants had a 20% denial rate at banks compared to 8% among White applicants. At independent mortgage companies, denial rates were 13% for Blacks versus 5% for Whites.”

Willoughby is confident Wells Fargo’s Diverse Appraiser Initiative and other company programs will help initiate positive change.

“Property appraisals are one component of the complex housing finance system that supports a home purchase. Wells Fargo is actively working across this system to address other barriers that limit access to homeownership. For instance, through the Wells Fargo Foundation, $60 million in ‘Wealth Opportunities Restored through Homeownership’ (WORTH) grants are projected to support 40,000 homebuyers of color in eight markets that have significant homeownership gaps between white and minority families,” he said. 

WORTH grants will run through 2025 and will fund public-private partnerships that develop and implement plans to address the root causes of those homeownership gaps.

“The Diverse Appraiser Initiative is not a silver bullet, but we believe it is a step in the right direction,” Willoughby said. “Implementing partnership programs like this one with the Urban League aims to increase diversity in the industry and reduce barriers to entry, particularly when designed to scale with the participation of other large corporations.” 

This year’s SHIBA report includes six recommendations outlining what Congress, regulators, and the private sector must enact to improve access to the American Dream of homeownership:

• Eliminate loan level price adjusters
• Eliminate penalty fees for borrowers to access down payment assistance
• Recalculate the impact of student loan debt
• Leverage special-purpose credit programs
• End discriminatory and abusive appraisal practices
• Fix the broken and out-of-date housing finance system

The report cites a study by the National Association of Realtors identifying millennials as the largest segment of Black homebuyers in the wake of the COVID-19 pandemic. The trend continued in 2021, but declining affordability likely contributed to a slower growth rate of Black millennial homebuyers since Spring 2021. The report cites another issue that may be a drag on Black homeownership:

“Black college graduate millennials have less than one-tenth the wealth of their white counterparts. Further, student loan debt represents a major challenge for Black millennia homebuyers, as it can limit the amount of savings that can be used for a down payment. Black millennials owe more in student loans and carry that debt longer than other groups. And because Black households have less wealth and fewer savings on average than the general population, Black millennials rely less on their families’ financial resources when purchasing a home than white millennials.”

• 44.7% – Black homeownership rate in first quarter of 2022, down from 45.3% in 2020.
• 49% – Peak Black homeownership rate, 2004
• 23.8% – Black/white homeownership disparity in 1970
• 30% – Black/white homeownership disparity in 2022
  (source: 2022 SHIBA Report)

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