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Economy

Fund Commits $50M for Down Payment Assistance

HUDSON VALLEY PRESS — The down payment assistance funds will be used in conjunction with first mortgage home purchase loans.

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By The Hudson Valley Press

MIAMI, Fl – At its recent Mid-Winter Conference in Miami, FL, the National Association of Real Estate Brokers (NAREB) signed a groundbreaking Memorandum of Understanding (MOU) with United Security Financial (USF), a minority-owned mortgage company headquartered in Salt Lake City, Utah to make down payment assistance more broadly available to Black American home buyers. The two organizations announced that they have obtained a commitment of $50 million down payment assistance funds from LBC Funding, LLC to assist in the expansion of homeownership for low-to-moderate income purchasers.

“NAREB welcomes the collaboration with United Security Financial. Latest official homeownership rates issued by the U.S. Census Bureau, report that Black homeownership at 41.7% lagging far behind the Non-Hispanic White homeownership rate of 73.1%. That nearly 30% gap represents a significant loss of economic security and wealth building opportunity for Black Americans. NAREB’s goal is to build Black wealth through homeownership. That’s why NAREB continues to forge ahead with its aggressive 2 Million New Black Homeowners in 5 Years (2Mn5) program,” said Jeffrey Hicks, president of the National Association of Real Estate Brokers (NAREB) founded 72 years ago to ensure “Democracy in Housing” for Black Americans.

Lois Johnson, chief executive officer of United Security Financial, the company that is managing the fund that will provide the $50 million commitment, explained why USF had chosen to partner with NAREB. She stated, “Since 1947, NAREB has been at the forefront of an ongoing effort to secure homeownership for people of color. We, at USF, while serving all citizens, regardless of race, creed or sex, are excited to support equality in housing. NAREB’s mission is aligned with our corporate values. This MOU creates a win-win for both of our organizations.”

The down payment assistance funds will be used in conjunction with first mortgage home purchase loans made by USF to NAREB Realists’ clients over the next 12 months. The commitment represents an important step in meeting the 2Mn5 goal. “The new partnership with USF allows Black Americans to overcome one less barrier in their quest to become home owners,” Hicks added.

This article originally appeared in the Hudson Valley Press
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Activism

NAACP California-Hawaii State Convention Highlights Black Voter Engagement, and More

A Friday panel featuring NAACP Chairman Leon W. Russell and Regina Wilson, Executive Director of California Black Media, examined Project 2025, an initiative perceived as a potential threat to civil rights, healthcare access, and environmental protection. This session emphasized Project 2025’s projected impact on Black communities, noting that policies within the initiative could diminish gains in civil and environmental rights over decades. Russell and Wilson highlighted the need for vigilant monitoring and community mobilization to address these challenges. 

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NAACP State Conference President Rick Callender (right) engages in a discussion on voter engagement and community advocacy with NAACP President and CEO Derrick Johnson during the 37th NAACP California-Hawaii State Convention in Los Angeles. Photo by Rich Woods.
NAACP State Conference President Rick Callender (right) engages in a discussion on voter engagement and community advocacy with NAACP President and CEO Derrick Johnson during the 37th NAACP California-Hawaii State Convention in Los Angeles. Photo by Rich Woods.

By Bo Tefu, California Black Media

The 37th NAACP California-Hawaii State Convention concluded on Sunday, Oct 27, following four days of discussions and workshops at the Los Angeles Airport Marriott. Bringing together civil rights leaders, policymakers, and advocates from California and Hawaii, the convention operated under the theme “All In.” The participants discussed critical issues impacting Black communities, including criminal justice reform, health equity, economic empowerment, education, environmental justice, and voting rights.

A Friday panel featuring NAACP Chairman Leon W. Russell and Regina Wilson, Executive Director of California Black Media, examined Project 2025, an initiative perceived as a potential threat to civil rights, healthcare access, and environmental protection. This session emphasized Project 2025’s projected impact on Black communities, noting that policies within the initiative could diminish gains in civil and environmental rights over decades. Russell and Wilson highlighted the need for vigilant monitoring and community mobilization to address these challenges.

On Saturday, the President’s Fireside Chat brought together NAACP President Derrick Johnson and CA/HI State Conference President Rick Callender, who discussed the urgency of voter engagement and community advocacy.

Guest speakers included Congresswoman Maxine Waters (D-CA-43), who spoke at the Women in NAACP (WIN) Labor Luncheon about the intersection of labor rights and civil rights. California State Superintendent Tony Thurmond delivered remarks at the Leadership Dinner on education equity, focusing on policies to ensure all students have access to high-quality education.

Honors were given to longtime social justice advocate and former Assemblymember Mike Davis for his work in community activism. At the same time, actor and activist Danny Glover and the Rev. Dr. Amos C. Brown received the 2024 Legacy Hall of Fame Awards, recognizing their lifelong commitments to advancing civil rights.

The convention also offered practical workshops, including “What’s On Your Ballot?,” where coalition leaders provided analyses of California propositions, explaining their potential impacts on community rights and resources. The Voter Turnout Workshop provided background and encouraged participants to promote voter turnout through community-centered outreach strategies.

Sunday’s events closed with a Prayer and Memorial Breakfast honoring the contributions of past and current civil rights leaders.

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Activism

Fights Narrowly Break Out at Business Strike Press Conference at Oakland City Hall

Recall supporters called for a one-day business strike for the second year in a row to demand that the city do more to ensure public safety is a priority and that business owners are not plagued by the ongoing retail crime. Less than five minutes into the press conference, opponents of the recall began yelling at the recall supporters. This caused many recall volunteers to become upset with the “hecklers.”

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Supporters of the recalls against Oakland Mayor Sheng Thao and Alameda County District Attorney Pamela Price, along with local political candidates and business owners, at a press conference outside Oakland City Hall. Speakers called for a city-wide, one-day business strike to protest against threats to public safety. Photo by Magaly Muñoz.
Supporters of the recalls against Oakland Mayor Sheng Thao and Alameda County District Attorney Pamela Price, along with local political candidates and business owners, at a press conference outside Oakland City Hall. Speakers called for a city-wide, one-day business strike to protest against threats to public safety. Photo by Magaly Muñoz.

By Magaly Muñoz

What was intended to be a press conference for a planned city-wide business strike turned into two separate altercations between supporters and opponents of the recall of Oakland Mayor Sheng Thao and Alameda District Attorney Pamela Price in front of Oakland City Hall.

Recall supporters called for a one-day business strike for the second year in a row to demand that the city do more to ensure public safety is a priority and that business owners are not plagued by the ongoing retail crime.

Less than five minutes into the press conference, opponents of the recall began yelling at the recall supporters. This caused many recall volunteers to become upset with the “hecklers.”

One recall volunteer confronted the Thao supporters and attempted to physically intimidate them while also screaming obscenities in their faces. After several moments, the volunteer was pulled away from the Thao supporters and returned to the conference.

Soon after that incident, Ray Bobbitt, founder of the African American Sports and Entertainment Group (AASEG) that now owns the Oakland Coliseum, walked up to the rally and attempted to take the microphone from Seneca Scott, leader of the Thao recall efforts. The situation soon escalated as Scott pushed Bobbitt away.

Scott has made several comments at press conferences and on social media that the Coliseum sale deal is a fraud and that AASEG will not provide the city with the promised multi-million dollar funds. Bobbitt told the Post that he is tired of Scott “being a bully” and only wanted to talk through whatever issues Scott had with AASEG.

When Bobbitt asked Scott to talk privately, Scott responded with a threatening remark. Bobbitt soon left the scene after several people talked him down.

“We really need to abandon the toxicity. I’m here to bring our community together, not divide it,” Bobbitt told the Post.

Back with the recall group and business owners, speakers said that businesses are scared to file police reports because Oakland officers “don’t care anymore” and are scared that their insurance rates will increase.

“We’re here today because the last blood of our city is leaking out with no tourniquet. Cities run on commerce. The only reason for a city is commerce. Failure to protect commerce leads to a dying city,” Scott said.

Several businesses in the last year have closed down, such as In-N-Out Burger and Denny’s on the Hegenberger corridor, citing public safety concerns. Local businesses have also left because of break-ins, homelessness, and overall lack of security.

At the time of last year’s business strike, crime was up 26% from the year before, according to Oakland police data. Rumors of a Thao recall were also building around this event.

Crime today is down 37%, according to the same data. This point has been used heavily in Thao’s attempt to rally support against the recall against her.

Speakers at the Tuesday press conference said some owners were sleeping at their businesses for fear of people breaking in to steal from them or vandalize their locations.

“The only things that are not locked up in the stores are criminals,” one speaker said.

Rally organizers claimed that over 200 businesses were participating in the strike. But when the Post asked recall organizers if they could provide a list of all the participants, the request was denied.

“This is an example of the sort of chaos the recall campaign seeks to create in Oakland. This is the last minute last ditch stunt of a coal investor funded campaign that has realized that Oakland residents are going to say NO to the $10 million price tag, the chaos and the division their campaign represents,” a Thao supporter spokesperson said ahead of the business strike.

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California Black Media

Controller Malia Cohen Convenes Auditors from Counties Across California

The conference focused on key issues related to county financial management and reporting. This annual event is mandated by Government Code 12422, which requires the State Controller to convene county auditors at least once a year. The conference served as a platform to discuss county budget procedures, financial transaction reporting, and property tax revenue allocation, promoting consistency in the duties of county auditors statewide.

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California State Controller Malia Cohen. File photo.

By Bo Tefu, California Black Media

California State Controller Malia Cohen welcomed auditors from across the state for the 79th Annual County Auditors Conference, a three-day event and award ceremony hosted in Santa Cruz.

The state controller honored the award recipients by celebrating their excellence in producing accurate financial data.

The conference focused on key issues related to county financial management and reporting. This annual event is mandated by Government Code 12422, which requires the State Controller to convene county auditors at least once a year. The conference served as a platform to discuss county budget procedures, financial transaction reporting, and property tax revenue allocation, promoting consistency in the duties of county auditors statewide.

In her opening remarks, Cohen emphasized the significance of collaboration between her office and the county auditors.

“I want to congratulate all of the counties receiving today’s County Financial Transactions Reporting award,” stated Cohen. “Your county’s diligence in reporting is critical for my office to produce accurate local government financial data, which is of vital importance to policymakers, researchers, and constituents throughout California. Thank you for your contribution to the quality and transparency of public finances.”

Cohen also moderated a panel discussion featuring Assemblymember Gail Pellerin and Department of Finance Director Joe Stephenshaw. The panel addressed critical topics such as the upcoming state budget, technological advancements, and anticipated fiscal challenges for local governments in the coming fiscal year.

In addition, Cohen recognized counties that received the California State Controller Financial Transaction Reporting Award, highlighting the importance of accurate and timely financial reporting.

More than 40 counties won the coveted Financial Transaction Reporting Award, celebrating their commitment to excellence in financial management. Counties that won an award include Alameda, Contra Costa, Los Angeles, and Sacramento.

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