Latest news with #OneUnited
Miami Herald
09-05-2025
- Business
- Miami Herald
Why is it so hard to afford a home in South Florida? See the challenges
South Florida Why is it so hard to afford a home in South Florida? See the challenges South Florida's housing market remains tough for many residents, despite new developments like Soleste Hollywood Blvd and renovations of iconic sites such as the Hollywood Bread Building. Although rents have started to drop in areas like Miami, the income needed to afford even basic apartments far exceeds what most people earn — with a nearly $38,000 gap between the income required and typical renter earnings. Programs from local banks, such as OneUnited's forgivable down payment loans, aim to bridge the ownership equity gap but only help eligible first-time buyers. Living wage requirements are climbing, with singles and families alike needing much more income each year just to cover essential costs in Miami-Dade. Affordable options like University Station and Sawyer's Walk are emerging, yet high-end developments dominate, highlighting the mismatch between new supply and the growing demand for reasonable housing. Soleste Hollywood Blvd at 2001 Hollywood Blvd is pictured hovering among existing buildings on Sunday, Sept. 15, 2024, in Hollywood, Florida, as the city shores up its housing needs with development in its downtown area in an attempt to address the city's affordable housing needs. By Carl Juste NO. 1: EVEN AS HOLLYWOOD BUILDS MORE APARTMENTS DOWNTOWN, AFFORDABILITY REMAINS A CONCERN A look at what is coming and why it might not be enough to ease housing pressure | Published October 4, 2024 | Read Full Story by Raisa Habersham OneUnited Bank in West Little River is working with first-time homebuyers to make homeownership a reality. By MATIAS J. OCNER NO. 2: SAVING FOR A DOWN PAYMENT IN MIAMI? A BLACK-OWNED BANK IS OFFERING FORGIVABLE LOANS A new program offered by the Black-owned OneUnited Bank is offering certain first-time homeowners in Miami forgivable loans of up to $50,000. | Published January 27, 2025 | Read Full Story by Michael Butler A view of a resurgent Northeast Second Avenue in the heart of Miami's Overtown neighborhood in April 2021, with the Plaza at the Lyric apartments at left and a Red Rooster restaurant in the background at right. By Pedro Portal NO. 3: RENTERS ARE PAYING LESS FOR APARTMENTS IN MIAMI, BUT THERE ARE ISSUES. SEE THE COSTS Here's a look at housing costs and ways to navigate the crisis. | Published March 14, 2025 | Read Full Story by Howard Cohen Marina C., 30, lives in a one-bedroom apartment in South Miami-Dade with her husband and four children. They struggle with high rent and low wages, leaving them with limited funds for essentials like furniture, a larger apartment, baby items, clothing, food and a computer for their children. Marina reflects on seeking a better life while caring for her two-month-old son, Anthony J., on Dec. 18, 2024, in a Miami Herald Wish Book story. By Carl Juste NO. 4: HOW MUCH DOES YOUR LIVING WAGE NEED TO BE TO MAKE IT IN MIAMI? HINT: IT'S GOING UP Here are 2025 Living Wage figures for Miami-Dade and Florida. | Published March 24, 2025 | Read Full Story by Howard Cohen The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories listed were reported, written and edited by McClatchy journalists.
Miami Herald
18-04-2025
- Business
- Miami Herald
Partnership between Black-owned app and bank helps Miami renters build credit
Teri Williams, CEO of the Black-owned OneUnited Bank, is well aware of the challenges that many prospective Black homeowners face, including low credit scores. By partnering with the credit reporting app Esusu, OneUnited hopes to see its users build their credit based on their positive rental histories. The app reports consumers' monthly rental payments to credit bureaus to help them build credit. 'Historically, it has not been included,' Williams told the Miami Herald. 'They ding you when you pay your credit card 30 days late, but you may still be paying your rent every month on time.' Esusu — an African word for an informal, community-driven financial system — was founded in 2018 by entrepreneur Wemimo Abbey, who was inspired by his experience of emigrating to America. In 2003, Abbey emigrated to the United States from Lagos, Nigeria, with his family when he was 16. His mother didn't have a credit score at the time and fell victim to predatory lending, with some interest rates as high as 400%. 'I wanted to create a solution to help people lead their best financial lives,' Abbey said. The app also provides financial literacy tools for users to build healthier financial habits. Esusu customers need a bank account to use the app and are encouraged to open accounts with OneUnited. Williams and Abbey first met at January's BMe Conference in Miami and agreed that many Black people are saddled with debt and don't see homeownership as a possibility. The inclusion of rental history is one way that Williams and Abbey believe Esusu can help consumers in a significant way. Since the app's launch, users have reported their credit scores increasing as much as 45 points, according to Williams. Williams said she is hopeful the partnership will help Black residents create a more fruitful financial future for themselves. 'To us, this is exactly the kind of thing to do for our community,' she said. 'I think it's great for two Black-owned companies to work together.'
Axios
24-02-2025
- Business
- Axios
New initiative supports first-time homebuyers in Miami
OneUnited Bank, the nation's largest Black-owned bank, is launching a new initiative to support first-time homebuyers in Miami. Why it matters: Miami is facing an ongoing affordability crisis, with just 7% of the city's homeowners under 35 years old compared to the national average of 11%. Driving the news: OneUnited announced its Lift Up Initiative, a $50,000 down payment assistance program for first-time buyers in Miami, Los Angeles and Boston. Offered through its partnerships with Federal Home Loan Bank (FHLB) of Boston, the program is a first-come, first-serve initiative for Black, Hispanic and other minority homebuyers. How it works: To qualify, a Miami applicant must be a first-time homebuyer, make no more than 120% of the median income and complete a HUD-approved education course, a spokesperson told Axios. Borrowers must be approved by the FHLB of Boston. They don't have to have an active loan with OneUnited. Between the lines: The program officially begins on April 1, but it already launched so applicants can gather the necessary requirements. What they're saying: OneUnited is participating in the program because it "recognizes the historical and current obstacles to homeownership faced by people of color," the bank said in a news release. "Right now, we are striving for as many applicants as we can get," OneBank's President and Chief Operating Officer Teri Williams told Axios when asked how many grants would be distributed. "For us, the constraint is not the availability of dollars, but getting applicants approved."
Boston Globe
19-02-2025
- Business
- Boston Globe
US moves backward amid steps to close racial gap in homeownership
Housing experts say it doesn't have to be that way. The road to homeownership runs uphill for many prospective buyers, but for those of color, the grade is steeper. The good news is: with hard work, discipline, patience, and the right coaching, many renters who don't think they can achieve their goal of becoming homeowners actually can, giving them access to the many financial benefits of owning property. Advertisement Bob Credle is the director of community programs for Credle and his colleagues look at the prospective buyers' overall financial picture and coach them on how to save money, improve their credit scores, and get low-rate mortgages and down payment assistance. Many of their successful clients were people who thought they could never own a home because they just didn't know where to turn for help. Advertisement 'We're able to help a lot of people get into down payment-assistance programs, [like] the OneUnited, one of the largest Black-owned banks in the country, recently launched a 'As counselors, we're taking money from a lot of different sources to patch together a down payment with whatever they've saved,' Luc said. 'Maybe it's the minimum to actually get into the market. They find a property, and now there's even more cost that's involved for repairs to get the property. It makes it very, very difficult.' David Gasser, programs director at the 'We have generational wealth being created by those who had access to homeownership,' Gasser said. 'And all the economic benefit that comes from that system perpetuates itself, and unless you're going to create the supply necessary to create affordable new entry points, it's going to be very difficult to narrow the racial homeownership gap.' Advertisement The SHIBA report found homes in majorityBlack neighborhoods are more likely to be appraised for less money than similar homes in majoritywhite neighborhoods. This can have a cascading effect, as homes that are appraised for less than they are worth might sell for less than they are worth, bringing down the value of neighboring properties. 'The appraisal bias issue is a very stark example of a complicated problem, because those appraisals are so individual and the way appraisers are trained and regulated is somewhat difficult to address, but we do participate in some of those efforts,' Gasser said. Melvin A. Vieira Jr. of He said many of his clients of color come from families that never owned a home, so growing up, they never heard anything about the home-buying process and had no one to ask about it. He said people like himself and organizations like Urban Edge and MAHA can't reach enough people by themselves to narrow the racial homeownership gap. He said an updated version of the old home economics course should be part of every public high school curriculum. 'It's not about cooking and cleaning; it should be talking about checkbooks, talking about savings,' he said. 'They should explain how interest works and how to invest in the stock market. How to make yourself financially fit so you can achieve your financial goals after you leave high school. Because the majority of people who come out of high school don't even have a checking account. Advertisement 'If you give a person knowledge, it can't be taken away,' he said. 'When you teach a person how to fish, they'll always know how to fish.' Jim Morrison can be reached at . Follow him on X .
Miami Herald
27-01-2025
- Business
- Miami Herald
Saving for a down payment in Miami? A Black-owned bank is offering forgivable loans
Could more Black residents in Miami build generational wealth by owning their homes? A new program offered by the Black-owned OneUnited Bank is offering first-time homeowners forgivable loans of up to $50,000 to try to make that happen. The bank's Lift Up Homeownership Program is meant to help first-time homebuyers who are Black, Latino, Native American, Asian or native Hawaiian/Pacific Islander make a down payment on a home. 'This is an opportunity for someone coming out of school,' said OneUnited CEO Teri Williams. 'As opposed to paying rent somewhere, you can buy a small condo. This could be a place for you to start building up home equity so that five years down the road you can buy something larger. This can make a huge difference in building generational wealth.' Williams emphasized that the loan is forgivable once applicants live in their homes for five years, meaning borrowers will not have to pay back any of the loan if they stay for that amount of time. Funds from the program can be combined with funds from other first-time homeownership programs to better assist potential borrowers. Owning a home in Miami, which has been called 'the epicenter of the housing crisis,' is not cheap. According to a 2024 study, just 44% percent of Black residents in Miami-Dade County own homes, compared to about 63% of white residents and 51% of Hispanic residents. 'Our homeownership rates are lower, especially in this market,' Williams said of Black homeownership in Miami. 'It's too darn high to buy a home.' Beginning April 1, applicants can apply for funding online or by visiting OneUnited's Liberty City branch. They need to have already found a home they wish to purchase and be approved through OneUnited. Qualified applicants also must not earn more than 120% of the area median income — about $95,400 for a household of one person or $108,960 for a household of two people. Applicants must complete a HUD-approved buyer education course and pay at least $1,000 toward the purchase of the home. Once picked, program participants can also receive $1,500 to use toward closing costs. The countless number of OneUnited customers who have reached out to Williams about getting loans for new homes over the years is what motivated her to launch the program. 'People reach out all the time,' she said. 'We said, 'We got to do something different in 2025.'' As the head of one of the most prominent Black-owned banks in America, Williams is adamant about residents participating in the program and wants to see more Black community members take advantage of it. 'When we talk with providers of these programs, they struggle to get Black community participation,' she said. 'That's what we're really trying to focus on.'
