Memphis is facing a pressing issue of housing access, with systemic imbalances affecting Black and people of color households. According to a 2022 study from the Urban Institute, only 1% of Black households applied for a mortgage, compared to nearly 4% of white households. The city’s homeownership rate disparity is stark, with 43.9% of Black homes being owned, ranking 123 among American metropolitan markets.
To combat these disparities, Convergence Memphis has made part of its mission to host land expos. These events bring together developers, builders, lenders, and community organizations to present available land, financing options, and resources for prospective homebuyers. The vision is to foster collaborations, raise awareness, and empower Black people and other people of color to overcome homeownership barriers.
The land expo addresses three key challenges: housing supply, affordability, and education. By convening professionals from the same community, it develops new housing solutions when they collaborate. It also promotes affordable housing options by developing starter homes in the city’s core, which can help address the shortage of affordable properties. Furthermore, events like land expos provide platforms for community members to engage with housing professionals directly, learn about low-interest mortgage options, and connect with resources that make homeownership more accessible.
Convergence Memphis is committed to paving the way for a more inclusive future by addressing homeownership disparities and providing access to resources available today. By working together, they aim to ensure every Memphian can achieve their dreams of becoming a homeowner.
Source: https://dailymemphian.com/article/49605/memphis-guest-column-affordable-housing-land-expo