VHDA AND THE BAPTIST GENERAL CONVENTION OF VIRGINIA LAUNCH PARTNERSHIP TO INCREASE HOMEOWNERSHIP OPPORTUNITIES IN THE AFRICAN-AMERICAN COMMUNITY
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“The Genesis Project” Will Offer Homeownership Training and Education
Through African-American Churches in the Richmond Area

RICHMOND, Va. (Feb. 3, 2003) – Today the Virginia Housing Development Authority and The Baptist General Convention of Virginia announced a partnership, The Genesis Project, to provide homeownership education and opportunities to the African-American community in the Richmond area.

The Genesis Project, a faith-based and community education initiative, was launched at a luncheon of The Baptist General Convention of Virginia, and The Baptist Ministers’ Conference of Richmond and Vicinity to communicate the importance of education to church leadership. Gov. Mark R. Warner and Secretary of Commerce and Trade Michael Schewel also attended the luncheon at the Metropolitan African-American Baptist Church to demonstrate their support of the initiative.

“The Baptist General Convention is pleased to join with its member churches and other churches in the Richmond community in offering free homeownership education,” said Rev. Cessar L. Scott, executive minister, The Baptist General Convention of Virginia. “Supporting initiatives that build and strengthen the African-American community is a large and important part of our ministry.”

The goal of The Genesis Project is to increase homeownership opportunities and wealth creation for African Americans. One of the best ways to increase personal wealth is through homeownership. Specifically, The Genesis Project will provide homeownership training and education through African-American churches in the Richmond area. The Genesis Project is one of two minority outreach initiatives VHDA is piloting in the Richmond and Hampton Roads areas in 2003.

“Despite the growth in African-American homeownership rates, a gap persists between African Americans and the rest of the population,” said VHDA’s Executive Director Susan Dewey. “This is one of a number of initiatives VHDA is undertaking to help minorities, new immigrants, the disabled and the elderly obtain an affordable place to call home.”

VHDA and the Department of Housing and Community Development conducted a statewide housing needs assessment last year. The study confirmed trends identified in the most recent U.S. Census study that despite the growth in African-American homeownership rates, a gap persists between African Americans and the general population. VHDA selected Richmond as one of the two pilot markets because the homeownership rate among African Americans in the greater Richmond area is 52 percent, which is 24 percent below the homeownership rate of 76 percent for white non-Hispanics in this same area. Additionally, other studies show that despite significant income gains, African Americans have not closed the gap as rapidly as other populations in the area of wealth creation. Homeownership is an essential component of household wealth.

The Genesis Project will offer free homeownership education classes on Saturdays at Richmond area churches from February through October 2003. The classes will explain the benefits of owning a home, credit reports, the loan application process, budgeting and other financial topics related to homeownership and wealth creation.

The initiative also will offer individualized, one-on-one housing counseling from professionally-certified counselors and opportunities to join a homebuyers club for support and information on becoming a homeowner.

“As housing issues continue to move to the forefront, partnerships such as this will play an important role in helping Virginians gain economic advantage through homeownership,” said Gov. Mark Warner.

While The Genesis Project is targeted to the African-American, faith-based community, these homeownership classes are open to anyone.

If consumers are interested in registering for one of The Genesis Project’s free home-ownership education classes, they can send their name, address and daytime phone number to: The Genesis Project, 3100 River Bluffs Court, Richmond, VA 23223. A representative with the initiative will follow up with consumers about upcoming homeownership classes.

For more information about The Genesis Project, contact Genesis Project Director, Pearl Anderson via phone at 804-321-2201 or via e-mail at pearlanderson@visionintegrate.com.
VHDA is Virginia’s housing finance agency and is self-supporting. VHDA issues bonds to raise private capital to provide low-interest rate loans to consumers to purchase or renovate homes, and loans to developers for the development, rehabilitation and renovation of rental units to deliver safe, decent, affordable housing.

For more information about VHDA, visit www.vhda.com. Affordable Housing Starts Here™.

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