An effort to close racial disparity in Twin Cities homeownership

Four real estate groups in the Twin Cities are joining forces with the goal to close the racial disparity gap in homeownership. The goal is to help generations of families who have rented rather than owned homes.

Tiffany Phillips is the treasurer of the Twin Cities chapter of the National Association of Real Estate Brokers (NAREB), an African American real estate trade group pushing to help create more homeownership in Minnesota where the diversity gap is enormous.

"So we have a lot of work to do in Minnesota to help Black people and other minorities understand that homeownership is possible for them, and it’s not as daunting as they may think it is," said Phillips.

That’s how NAREB joined forces with three other real estate groups at St. Paul’s Wellstone Center.

"Together we share our mission, that’s one mission together, to bridge the disparity gap in unity," said Nalee Vue.

RELATED: Data shows large gap between Black and White homeownership in Minneapolis

Groups representing Asians, Hispanics, and the LGBTQ community.

"We live in a time, we live in 2022, where everybody should have the ability to own a home," said Bryan Sletten.

On Saturday, the coalition is hosting the first annual Twin Cities Diversity Home Ownership Fair to help those who don’t think they can buy a home -- or don’t know how to even start -- learn to create equity that can last generations.

"This is wealth they can pass on to their family," said Marina.

Because homeownership is a huge step toward erasing other diversity gaps and the longer people wait, the harder it can become.

"So these are families that start from zero and what we want to do with this fair is provide knowledge, education, so they know what to do so they can start," said Marina Aguirre Anthony.

"We’re hoping several hundred people will come out and hear all the great information we have for them, so they too can achieve the dream of homeownership for their family and create their legacy," added Phillips.

The Twin Cities Diversity Homeownership Fair is Saturday, June 11 at the Wellstone Center (179 Robie Street, in St. Paul) from 9 a.m. to 3 p.m. including a course on credit and financial literacy from noon to 12:45 p.m.