HNBA Meeting on Tuesday, November 10th

HPD has a new report out on housing in New York. One of the issues it addresses is homeownership by Black New Yorkers. On Tuesday at 7:00 PM, the November HNBA meeting will have representatives from Chase Bank discuss strategies for applying for a first-time mortgage, refinancing, and a number of strategies for building your family’s assets.

As the HPD report notes:

…income from employment is a limited measure of financial security and economic opportunity. The most important and direct measure of a resident’s ability to access opportunity and financial security is wealth: the sum of a family’s assets (from equity in a hometo retirement savings) minus the debts a family owes (such as student loans or a mortgage). Data on wealth is not available for New York City residents, but, nationwide, the median wealth of White families is 10 times the wealth of Black and Hispanic families; in 2016, the median wealth of White families was $171,000, while the median wealth was $17,400 among Black families and $20,920 among Hispanic families. These disparities represent the compounded effects of advantages and disadvantages passed across generations.


Racial disparities in homeownership rates suggest some of the reasons for stark disparities in
overall household wealth by race. The Figure above shows that in New York City 28% of Black families and 17% of Hispanic families own their homes, compared to 41% of White families. The differences in homeownership stem in part from differences in the wealth that parents pass on to their children, but also reflect historic and, to some extent, current differences in access to home
mortgage loans. The figure below shows the loans commonly used for buying homes by race and
ethnicity of the borrower. In 2017, White borrowers accounted for 48% of new loans for owneroccupied, 1-4 unit properties in New York City, while Black and Hispanic borrowers each
accounted for less than 10%, far less than a proportionate share of the total population among
New Yorkers.

See: https://www1.nyc.gov/assets/hpd/downloads/pdfs/wwl-plan.pdf

Hip Hop Museum ReOpens Today

Today is the re-opening of the [R]Evolution of Hip Hop exhibition. the Hip Hop museum is located in the Terminal Market (near HomeDepot and Costco on Exterior Street) and is specifically adhering to guidance around social distancing and no large group gatherings to protect our patrons and our staff.


The [R]Evolution of Hip Hop: An immersive journey through Hip Hop History is conceived by creative agents from multiple artistic backgrounds that employ archives and experimental storytelling techniques focusing on the five elements of Hip Hop – MCing, DJing, Breakdancing, Aerosol Art,  Knowledge. The new exhibit celebrates Hip Hop’s emergence from the park jams and the projects to night clubs, national concert tours, TV and motion pictures circa 1980 to 1985. The innovative music, art, dance and fashion that first permeated city streets in the Bronx, Harlem, Brooklyn and Queens in the 1970s made its way Downtown. Saavy club promoters and risk-taking entrepreneurs would fuel the commercialization of Hip Hop culture and would give rise to the first Rap record labels, Master-Mixes on Black radio and the first smash hits on the Billboard charts. This arts and cultural revolution would soon spread Hip Hop to the West Coast and to every corner of the world.

[R]Evolution of Hip Hop @ The Bronx Terminal Market610 Exterior Street

Bronx, New York 10451

(Entrance located in the lower area parking lot between Applebee’s and Marisco Centro Restaurant)

https://www.uhhm.org/tickets

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