CONVERGENCE Philadelphia is an initiative the Mortgage Bankers Association led to increasing homeownership among Black, Hispanic, and other diverse households in Philadelphia, Pennsylvania. CONVERGENCE Philadelphia seeks to expand homeownership and the wealth-building opportunities that come with it. The initiative aims to address key homeownership challenges identified by MBA research, including the following.
Read the 2023 CONVERGENCE Philadelphia Report.
Our Goal is to Reduce These Key Homeownership Challenges
Information Gap: Combat the myths and misperceptions that led many consumers to self-select out of the market, often when they already qualify for homeownership but do not know it.
Trust Gap: Address the reluctance of many consumers, especially in minority communities, to trust financial institutions for fear of being mistreated or victimized.
Market Gap: Develop strategies for addressing housing inventory challenges, including issues of housing quality and neighborhood amenities.
Resource Gap: Maximize industry and consumer awareness of, and access to, financial subsidies and related affordable lending programs/products.