Mortgage losses from the 2008 recession hit Black ownership the hardest. According to a recent study, Black homeownership is at its lowest point since the 1960’s. The National Urban League’s Restore Our Homes program strives to increase the financial stability and property values within African American and other minority communities affected by subprime loans and foreclosures.
Our Approach
The Restore Our Homes program strives to increase the financial stability and property values within African American and other minority communities affected by subprime loans and foreclosures. To this end, we aspire to improve upon
the services of Urban League affiliates by providing the assistance and support necessary to ensure they have the resources and capacity to serve the housing needs of their communities.
2025 EMPOWERMENT GOAL
Every American lives in safe, decent, affordable
and energy efficient housing on fair terms
and energy efficient housing on fair terms
Our Impact
The National Urban League’s Restore Our Homes program has served nearly 100,000 homeowners in distress under the NFMC program since 2008. Of these homeowners, 71% were able to save their homes and 25% of these cases ended in loan modification or refinance of the mortgage.
participants have been served since 2008
saved their homes from foreclosure
modified or refinanced their mortgages
Accomplishments
The National Urban League’s Restore Our Homes program has served nearly 100,000 homeowners in distress under the NFMC program since 2008. Of these homeowners, 71% procured realized outcomes and 25% of these cases ended in loan modification or refinance of the mortgage.
Of the mortgages modified under the NFMC program:
62% resulted in payments less than or equal to 38% of the homeowner’s gross monthly income with at least a 5-year fixed rate.
38% were sustainable even though the payment was more than of the homeowner’s gross monthly income.
91% Retention of home loan via loan modification or other lender-approved solutions.